mall  Street  Guide 


PUBLISHED  BY 


j.  l.  Mclean  co 

Bankers  and  Brokers 


EjlablUhod  1 397 


*^2T  rVTI*            C*    chica£°  "Board  of  Trade 
l^lJLsPl  13  ML  AO    J*etv  VorK  Troduce  Exchange 
 '   JWebv  yorK.  Con*.  Stock.  Exchange 


MAIJV  OFFICE: 

25  Broad  Street,  New  York  City 

-BHA/tCH  OFFICES: 
CHICAGO  PHILADELPHIA  BOSTON 

and  Intermediate  Local  Points 

DIRECT  PRIVATE  WIRES  TO  ALL  BRANCHES 


Stocks,  Bonds, Grain, Cotton  and  Provisions 

Bought  and  Sold  for  Cash  or  Margins  Ranging  from  Five  Per  Cent  Upwards 


SPECIAL  DAILY  MARKET  LETTER  MAILED  FREE  ON  REQUEST 


lEx  Htbrtfi 

SEYMOUR  DURST 


Copyright,  1902,  by 
J.  L.  McLEAN  *  CO. 


Prose  of].  J.  Little  &  Co. 
Actor  Place,  New  Yortt 


INTRODUCTORY 


N  preparing  this  volume  no  pains  have  been  spared  to  make  it  interesting 
as  well  as  instructive  and  valuable  as  a  reference  book,  and  we  hope  the 
advice  and  suggestions  contained  herein  will  prove  highly  beneficial  to 
our  many  customers  and  aid  them  to  make  their  operations  profitable.  It  is  our  aim 
to  give  customers  the  very  best  service  in  the  execution  of  orders  that  can  be  obtained, 
and  at  all  times  to  treat  them  with  as  much  liberality  as  is  consistent  in  the  manage- 
ment of  a  conservative  commission  house. 

There  is,  perhaps,  no  field  of  operations  wherein  the  interests  of  the  principal  and 
client  are  more  closely  interwoven,  and  where  the  success  of  one  depends  so  largely 
upon  the  success  of  the  other  as  that  between  the  broker  and  customer,  and  in  no 
business  is  the  old  rule  that  "honesty  is  the  best  policy"  more  applicable  than  in  the 
brokerage  business. 

In  case  of  inattention  or  negligence  on  the  part  of  any  of  our  employes  or  corre- 
spondents at  any  one  of  our  various  offices,  we  would  thank  customers  to  report  same 
promptly  to  General  Manager  of  our  main  office  in  New  York,  and  on  receipt  of  such 
complaints,  which  in  all  cases  will  be  treated  as  confidential,  an  investigation  will  be 
promptly  made  and  a  remedy  applied,  if  possible. 

It  shall  be  our  constant  endeavor  in  the  future,  as  in  the  past,  to  give  our  cus- 
tomers the  best  and  most  efficient  service  to  be  had  for  the  purchase  and  sale  of  stocks 
or  other  speculative  commodities,  either  for  cash  or  on  margins,  and  we  will  be  pleased 
to  answer  all  inquiries  relating  to  the  same. 

Yours  very  truly, 

J.  L.  McLEAN  &  COMPANY. 


WALL  STREET,  LOOKING   WEST,  SHOWING  SUB-TREASURY,  AND 
TRINITY  OHIIRCH  AT  ITS  HEAD. 


WALL  STREET  GUIDE 


WALL  STREET. 

Who  has  not  heard  of  Wall  Street?  The  very 
name  carries  a  meaning  with  it  to  the  four  corners 
of  the  country,  and  while  'no  doubt  all  of  our  readers 
know  that  Wall  Street  applies  to  the  financial  dis- 


was  to  build  a  protecting  wall  or  stockade  (see  pic- 
ture) across  Manhattan  Island,  near  the  present  site 
of  Wall  Street.  This  stockade  was  for  the  purpose 
of  protecting  the  inhabitants  of  the  new  village  from 
surprise  by  the  Indians.  This  wall,  or  fortification, 
gave  the  name  to  the  present  well-known  street, 


THE  "WALL"  OR  "STOCKADE"  FROM  WHICH  WALL  STREET  DERIVED  ITS  NAME. 


trict  of  not  only  New  York  City,  but  the  western 
continent,  how  few  can  tell  how  the  name  originated, 
or,  in  other  words,  why  this  financial  centre  should 
be  known  as  Wall  Street.  Nearly  three  centuries 
ago  New  York — or  what  was  then  known  as  New 
Amsterdam — was  settled  by  a  small  colony  of  Hol- 
landers, and  almost  one  of  their  first  official  acts 


which,  with  Lombard  Street  in  London,  are  two  of 
the  greatest  financial  thoroughfares  in  the  world. 

In  New  York's  colonial  days  the  Town  Hall  was 
in  Wall  Street,  where  the  Sub-Treasury  of  the  United 
States  now  stands,  which,  by  the  way,  succeeded 
Congress  Hall,  built  for  the  meeting  of  the  first 
Congress,  on  the  balcony  of  which  General  Wash- 


4 


WALL  STREET  GUIDE. 


ington  was  inaugurated  as  the  first  President  of  the 
United  States,  in  1789.  In  the  early  days  of  the 
Federal  Government,  New  York  began  its  career  as  a 
great  seaport  and  business  city  of  the  country,  and 
all  the  principal  banks  were  located  on  Wall  Street, 
several  of  them  still  retaining  their  identical  sites, 
which  they  have  occupied  for  a  century  or  more,  like 
the  Bank  of  New  York,  which  is  one  of  the  three 
first  banks  founded  in  the  United  States,  having 
been  organized  in  1784.    Alexander  Hamilton  was  its 


Broadway  to  the  East  River,  and,  only  for  its  pre- 
vious and  historical  greatness,  would  almost  be  for- 
gotten, as  the  bulk  of  the  financial  business  has 
now  drifted  to  other  near-by  localities. 

Trinity  Church,  the  richest  religious  organization 
in  America,  if  not  in  the  world,  stands  directly  at  the 
head  of  Wall  Street,  its  magnificent  spire  rising  on  the 
opposite  side  of  Broadway,  and  must  impress  a  visitor 
who  may  have  seen  the  mass  of  humanity  daily,  on 
the  floors  of  the  various  exchanges,  shouting  like 


FEDERAL  HALL,  BROAD  STREET,  WHEN  WASHINGTON  WAS  INAUGURATED  PRESIDENT. 


founder,  and  its  original  constitution  is  in  his  hand- 
writing. 

True,  a  great  deal  of  the  financial  business  has,  in 
recent  years,  drifted  to  Broadway,  New  Street,  and 
Broad  Street,  the  latter  getting  the  lion's  share. 
This,  however,  was  due  solely  to  the  fact  of  Wall 
Street  being  too  small  to  accommodate  the  natural 
growth  of  this  business  as  a  result  of  modern  finan- 
ciering; even  the  two  leading  stock  exchanges  of  the 
country,  the  Produce  Exchange  and  the  Cotton  Ex- 
change, being  located  on  other  streets.  All  of  the 
speculative  business  is,  however,  by  general  usage, 
credited  to  or  known  as  Wall  Street  operations.  Wall 
Street  in  itself  is  a  little  narrow  lane,  extending  from 


demons  for  Mammon,  with  the  difference  between 
the  live  twentieth  century  financier  and  the  sleeping 
dead  on  the  other  side  of  the  street.  It  is  a  contrast 
between  the  sublime  and  the  ridiculous.  In  this 
churchyard  sleeps  the  body  of  Alexander  Hamilton, 
now  generally  admitted  to  have  been  one  of  the 
greatest  statesmen  the  country  has  ever  known.  The 
Trinity  Church  Corporation  owns  real  estate  in  the 
central  part  of  the  city,  with  an  estimated  value  of 
over  $70,000,000. 

The  internal  mechanism  of  Wall  Street  is  highly 
complicated,  but,  reduced  to  a  single  definition,  it 
is  the  country's  great  market  for  money  and  securi- 
ties, and  recently  is  not  only  the  financial  centre 


WALL  STREET  GUIDE. 


5 


of  the  New  World,  but  is  making  a  bid  for  suprem- 
acy over  even  London,  which  previously  has  been 
the  acknowledged  centre  of  finance.  It  is  hardly 
necessary  to  enter  into  details  here  as  to  the  reason 
why  this  locality  controls  the  finances  of  the  country. 
Suffice  it  to  say  that  the  Government  collects  the 
largest  part  of  its  revenue  from  the  New  York  Cus- 
tom House, and  the  Sub-Treasury  of  the  United  States 
in  New  York  is  the  financial  agency  of  the  Govern- 
ment where  most  of  its  payments  are  made;  and 
the  supremacy  obtained  by  this  centre  in  the  early 
days  of  the  nation  has  given  Xew  York  employment 
for  the  largest  banking  capital  in  the  country,  and  it 
will  always  continue  to  be  the  clearing  house  of  Amer- 
ica. Exchange  on  Xew  York  is  available  everywhere, 
and  every  banking  house  in  the  country  must  keep 
balances  here  for  this  purpose,  and  consequently  has 
an  account  at  some  Xew  York  bank  where  surplus 
funds  are  deposited,  making  the  bank  deposits  in  New 
York  a  huge  financial  reservoir;  so  that  the  money 
market  here  affects  every  circumstance  or  condition 
throughout  the  entire  country  that  could  affect  in- 
terest rates  or  the  value  of  money.  Over  half  of  the 
entire  total  clearings  of  the  United  States  pass 
through  the  Xew  York  Clearing  House,  which  is  a 
striking  evidence  of  Xew  York's  or,  in  other  words, 
Wall  Street's  financial  importance.  In  times  of  finan- 
cial panic  or  distress,  the  New  York  banks,  through 
the  Clearing  House  Association,  take  united  action 
to  avoid  or  relieve  financial  peril  and  prevent  disaster. 

THE  NEW  YORK  STOCK  EXCHANGE. 

The  institution  which  more  completely  embodies 
Wall  Street  in  the  popular  mind  is  the  Xew  York 
Stock  Exchange.  In  all  probability  the  reader  looks 
upon  the  Xew  York  Stock  Exchange  as  an  institu- 
tion through  which  gigantic  speculations  only  are 
carried  on.  They  read  of  the  operations  of  the  Yan- 
derbilts,  Goulds,  Morgan,  and  other  financial  mag- 
nates, of  bulls  and  bears,  of  panics  and  booms,  and  of 
fortunes  made  or  swept  away  in  a  day  through  the 
fluctuations  of  stocks,  and  what  is  not  generally 
appreciated  is  the  fact  that  the  Stock  Exchange  is 
simply  an  instrument  for  regulating  transactions  in 
the  market  for  securities,  and  that  the  bulk  of  its 
business  consists  of  legitimate  investments,  making  a 
ready  market  for  the  purchase  and  sale  of  bonds  and 
other  securities.  This  institution  was  founded  in 
1792,  and  if  it  had  been  an  institution  merely  for 
gambling  purposes,  its  career  would  certainly  have 
ended  long  before  this. 

Until  a  few  years  ago,  Stock  Exchange  seats  were 
selling  below  $20,000  apiece.  In  January,  1902,  they 
sold  as  high  as  $83,000;  and  so  rapidly  have  the 
financial  interests  of  the  country  grown  that  it  has 


become  necessary  to  establish  competitive  stock  ex- 
changes in  most  of  our  large  cities,  and  even  New 
York  City  has  a  worthy  competitor  in  the  Consoli- 
dated Stock  Exchange,  which  was  established  in  1875, 
and  numbers  amongst  its  members  many  of  the  most 
influential  and  representative  citizens  of  the  country. 
The  New  York  Stock  Exchange  has  looked  with  a 
great  deal  of  disfavor  on  this  new  and,  in  many 
respects  more  modern  organization,  which  has  in 
recent  years  proved  to  be  a  prominent  factor  among 
the  exchanges  of  the  country. 

Previous  to  1809  the  New  York  Stock  Exchange 
found  a  competitor  in  the  Open  Board  of  Brokers, 
then  located  at  16  and  18  Broad  Street.  This  insti- 
tution grew  in  numbers  and  importance  until,  al- 
though its  members  to  some  extent  transacted  busi- 
ness with  and  through  the  Stock  Exchange  members, 
the  latter  found  it  a  very  troublesome  rival,  and  the 
result  was  that  in  May,  18G9,  the  354  members  of  the 
Open  Board  were  formally  admitted  to  full  mem- 
bership in  the  Stock  Exchange,  which  then  contained 
533  members. 

LOMBARD   STREET   AND  WALL 
STREET. 

Close  relations  exist  between  the  New  York  Stock 
Exchange  and  the  London  Stock  Exchange,  as 
"  Americans  "  are  the  favorite  securities  traded  in  in 
London,  and  great  interest  attaches  to  the  opera- 
tions of  London  in  American  stocks.  As  London  time 
is  exactly  five  hours  ahead  of  Xew  York  time,  9 
o'clock  here  is  2  o'clock  in  London:  consequently, 
when  Xew  York  starts  business  London  has  almost 
finished  its  day's  work,  and  by  9.15  Wall  Street  has 
received  on  the  news  bulletins  the  London  2  P.M. 
quotations  for  all  active  American  stocks  and  other 
information  relating  to  the  price  of  "  consols,"  bar 
silver,  discounts,  etc.  This  piece  of  information  is 
the  first  thing  sought  for  by  the  New  York  specu- 
lator or  broker  on  arriving  at  a  broker's  office.  Mean- 
while the  "  arbitrage  houses  "  have  been  very  active 
in  their  operations. 

STOCK  EXCHANGE  QUOTATIONS. 

Unlike  the  London  Exchange  or  continental  Bourses, 
the  New  York  Stock  Exchange  and  the  Consolidated 
Stock  Exchange  each  has  its  own  independent  ticker 
service,  and  every  transaction  is  recorded  on  the  tape 
of  their  tickers  almost  instantly,  every  trade  being 
reported  to  the  operator  as  soon  as  made,  and  the 
number  of  shares  of  each  stock  bought  or  sold  at 
given  prices.  In  the  London  market  no  quantities  or 
numbers  of  shares  are  given,  merely  the  bid  and 
asked  prices  being  quoted. 


THE  NEW  YORK  STOCK  EXCHANGE. 


WALL  STREET  GUIDE. 


7 


HOW  WALL  STREET  OPERATIONS 
ARE  CONDUCTED. 

There  are  two  methods  of  operating  in  stocks, bonds, 
and  other  securities.  The  old  and  original  plan  is  to 
buy  outright;  that  is,  pay  for  what  you  buy,  have 
the  certificates  issued  in  your  own  name  and  take 
them  home  with  you,  either  for  permanent  invest- 
ment, in  order  to  receive  the  dividends  to  be  paid 
on  them,  or  to  be  held  until  such  time  as  the  price  is 
suitable  to  dispose  of  the  same  at  a  profit.  No 
explanation  is  needed  as  to  the  method  to  pursue  in 
this  particular  instance,  as  any  school-boy  can  tell  you 
how  much  money  it  would  require  to  buy,  say  100 
shares  of  Steel  common  at  $40  per  share  and  pay  for 
it.  As  this  stock  is  now  paying  dividends  at  the 
rate  of  $4  per  share  per  annum,  the  investor  would 
receive  $400  per  year  on  his  investment  of  $4,000 
or  10  per  cent,  per  annum  on  the  actual  money  in- 
vested. Your  broker's  commission  for  buying  this 
stock  Mould  be  $12.50,  or  one-eighth  of  1  per  cent, 
(the  commission  charges  are  always  figured  on  the 
par  value  of  the  stock).  Thus  all  that  would  be 
necessary  to  complete  the  above  transaction  would 
be  to  deposit  the  sum  of  $4,012.50  with  your  broker, 
and  receive  in  return  a  certificate  for  100  shares  of 
common  stock  of  the  United  States  Steel  Corpora- 
tion. The  transfer  of  this  stock  would,  however, 
require  a  few  days'  time,  as  deliveries  are  made 
on  the  day  following  purchase  of  stocks  on  the  Stock 
Exchange,  and  on  Mondays  only  on  the  Consolidated 
Stock  Exchange.  Then,  after  the  stock  was  delivered, 
if  you  wished  a  certificate  issued  in  your  own  name, 
the  same  would  have  to  be  sent  to  the  transfer  agent 
of  the  United  States  Steel  Corporation,  when  the 
actual  certificate  purchased  would  be  cancelled  and  a 
new  one  issued  in  your  name.  Of  course  this  latter 
formality  is  not  necessary,  but  is  often  desired.  Cer- 
tificates of  various  stocks,  amounting  to  millions  and 
millions  of  dollars,  are  being  transferred  daily  from 
one  broker's  office  to  another,  which  are  merely  in- 
dorsed on  the  back  by  the  original  owner,  the  indorse- 
ment witnessed  and  guaranteed  by  some  reliable 
brokerage  house,  and  the  transfer  on  the  back  of 
the  certificate  left  in  blank.  This  is  known  and 
recognized  as  good  delivery  in  the  Street,  and  may 
pass  into  hundreds  of  different  owners'  hands  from 
time  to  time  between  dividend  periods.  It  is,  how- 
ever, necessary,  before  the  transfer  books  close  for 
any  given  dividend,  to  have  the  stock  registered  in 
the  rightful  owner's  name;  otherwise  the  dividend 
would  be  paid  to  the  former  owner. 

When  stocks  are  bought  on  margin,  the  certificates 
are  held  by  the  broker,  who  will  collect  all  dividends 
declared  on  said  stocks  from  time  to  time,  crediting 
the  account  of  the  owner  with  said  amounts. 


OPERATING  ON  MARGINS. 

Buying  and  selling  stocks  on  margins  is  carried  on 
in  exactly  the  same  manner  as  above,  with  the  ex- 
ception of  the  fact  that  the  purchaser  does  not  re- 
ceive the  certificate  himself,  but  leaves  it  in  his 
brokers  hands  as  security  for  the  balance  due  on 
the  stock  purchased.  For  example,  instead  of  pay- 
ing $4,012.50  to  your  broker  on  the  purchase  of  100 
shares  of  Steel  at,  say  40,  including  commission, 
you  could  deposit  with  your  broker  the  sum  of  $500, 
and  purchase  100  shares  of  the  same  stock  at 
exactly  the  same  price  and  on  similar  conditions,  the 
only  difference  being  that  the  broker  charges  you 
interest  on  the  money  advanced  by  him  to  pay  for  the 
stock,  which  in  the  above  case  would  amount  to 
$3,512.50.  The  rate  of  interest  you  would  pay  on 
this  varies  with  different  brokers,  many  houses 
charging  the  regular  floor  rates,  whatever  they  may 
be  from  time  to  time,  and  in  periods  of  great  activity 
interest  rates  often  rule  as  high  as  10,  15,  or  even  20 
per  cent,  per  annum;  but  we  have  made  it  a  rule  to 
arrange  for  time  money  to  carry  the  stocks  of  our 
customers  so  that  our  interest  rates  never  exceed  5 
per  cent,  per  annum.  We  guarantee  this  to  all  cus- 
tomers, no  matter  what  temporary  interest  charges 
may.  be.  This  is  of  great  advantage  to  the  speculator 
and  worthy  of  careful  consideration,  as  he  is  always 
protected  against  exorbitant  interest  rates. 

Now,  in  the  above  illustration,  if  U.  S.  Steel  Cor- 
poration stock  should  suddenly  decline  3  or  4  points, 
we  would  call  for  additional  margin  to  protect  our- 
selves, and  in  case  of  the  same  not  being  promptly 
deposited,  we  would  place  a  stop  order  on  the  trade 
at  about  35%,  and  if  the  price  declined  to  that  figure 
the  100  shares  would  be  sold  out  on  the  exchange, 
and  the  loss  would  be  $500  on  the  transaction.  On 
the  other  hand,  one  could  deposit  an  additional  $500, 
or  as  much  more  as  might  be  required  to  protect  the 
trade,  and  if  later  the  price  rallied  to  40 Vs  one  could 
close  out  and  withdraw  the  entire  deposit  without 
loss,  while  if  it  went  to,  say  50,  one  could  close  out 
and  withdraw  the  original  deposit,  together  with  all 
additional  margins  deposited  from  time  to  time,  and 
the  trader  would  also  have  a  net  profit  on  the  in- 
vestment of  $1,000,  less  commission  charges  and 
interest  at  the  rate  of  5  per  cent,  per  annum  for  the 
period  we  had  been  carrying  the  trade  on  the  bal- 
ance required  to  purchase  and  pay  for  the  certifi- 
cate. Thus  it  will  be  seen  that  in  the  marginal 
transaction  the  stock  is  actually  bought  and  sold  and 
delivery  is  made  between  brokers,  in  just  exactly  the 
same  manner  as  in  the  cash  transaction  above  illus- 
trated, the  only  difference  being  that  the  customer  can 
buy  a  much  larger  quantity  of  stock  with  the  same 
amount  of  capital;  and  in  case  of  a  profit  being 


BROAD-EXCHANGE    BUILDING,   LARGEST   AND  FINEST  OFFICE  BUILDING   IN   THE  WORLD, 
:.'.->  BROAD  STREET,  NEW  YORK;  MAIN  OFFICE  OF  J.  L.  MoLEAN  &  CO. 


WALL  STREET  GUIDE. 


made,  the  profit  is  just  so  many  times  greater  in 
proportion  to  one's  investment.  There  are  often  op- 
portunities where  such  investments  can  be  made  by 
the  operator  with  but  little  risk,  and  the  return 
received  from  the  investment  is  enormous. 

Take,  for  example,  the  case  of  Missouri  Pacific, 
which,  early  in  the  year  1901,  sold  on  the  New  York 
Stock  Exchange  at  $51  per  share.  In  less  than  three 
months  it  advanced  to  the  price  of  $117  per  share,  a 
net  gain  of  66  points. 

When  the  stock  was  quoted  at  51,  let  us  say  that 
you  concluded  it  was  destined  to  advance,  because 
you  saw  all  around  you  the  evidence  of  great  pros- 
perity, and  you  knew  that  this  railroad  was  making 
large  earnings.  You  invested  $5,000,  and  bought 
1,000  shares  on  a  5  per  cent,  margin.  At  117  you 
sold  your  stock,  pocketing  a  net  gain  of  $66,000,  or 
over  1,300  per  cent,  on  the  actual  investment.  This 
sounds  like  fiction,  doesn't  it?  But  it  is  not;  it  is 
the  plain,  unvarnished  truth;  and  even  larger  profits, 
in  proportion,  have  been  made  time  after  time.  Take, 
for  example,  the  case  of  the  First  National  Bank  of 
New  York  City.  This  institution  is  numbered  among 
the  most  conservative  banks  in  the  country,  and  we 
herewith  reproduce  a  news  article,  copied  from  the 
"  New  York  Herald  "  of  August  1,  1901,  showing  not 
only  what  is  possible,  but  what  has  actually  been  ac- 
complished by  a  conservative  institution  like  this: 

(From  N.  T.  Herald,  August  1,  1901.) 

"  BANK  PAYS  DIVIDEND  OF  1,950  PER  CENT. 

"All  Records  Broken  in  Distribution  of  Profits 
of  First  National. 

"  Mr.  Baker  Gets  Credit. 

"  Shrewd  Stock  Investments  of  the  President 
Said  to  Have  Netted  Huge  Gains 
for  Institution. 

"  Further  announcements  as  to  the  distribution  of 
profits  of  the  First  National  Bank,  made  public  yes- 
terday, showed  that  the  stockholders,  who,  by  the 
way,  number  eighteen  in  all,  received  the  unparalleled 
dividend  of  about  1,950  per  cent.  This  dividend  out- 
ranks any  cash  or' stock  distribution  in  the  annals  of 
national  banking  in  the  United  States. 

"  While  the  officials  of  the  company  are  unusually 
reticent  in  regard  to  the  matter,  it  is  stated  that  had 
Mr.  George  F.  Baker,  the  president,  decided  to  dis- 
tribute all  the  undivided  profits  of  his  bank,  he  could 
easily  have  paid  dividends  aggregating  2,150  per  cent. 
This  statement,  bankers  say,  can  be  proved  by  the 
official  balance  sheet  issued  on  July  24  last,  when  the 


increase  of  the  First  National's  capital  and  surplus 
to  $10,000,000  each  had  been  consummated.  In  this 
report  the  profits  of  the  new  bank  are  officially  stated 
to  be  $1,102,746.  Had  Mr.  Baker  distributed  this 
amount  instead  of  allowing  it  .to  pass  into  his  new- 
institution,  he  and  his  fellow  stockholders  would  have 
received  an  additional  200  per  cent,  dividend,  bring- 
ing the  total  up  to  2,150  per  cent,  distributed. 

"  Bankers  and  brokers  were  doubly  astonished  yes- 
terday when  the  size  of  the  record-breaking  dividend 
was  divulged. 

" '  How  did  they  do  it  ? '  was  the  question  asked 
in  many  offices.  The  bank  has  paid  dividends  of  100 
per  cent,  a  year  in  the  past,  and  yet  it  had  a  surplus 
of  undivided  profits  of  more  than  $10,000,000  when 
the  reorganization  took  place.  They  were  disposed 
to  give  credit  to  President  Baker's  aggressive  policy. 
Such  profits,  his  fellow  bankers  pointed  out,  are  not 
made  in  the  routine  business  of  loans  and  discounts, 
but  in  solid  investments  in  the  stock  market.  Mr. 
Baker,  individually  and  for  his  other  stockholders, 
bought  stocks  when  they  were  cheap  and  sold  them 
at  top-notch  prices." 

It  is  generally  understood  in  the  Street  that  the 
large  profits  above  referred  to  wrere  made  possible 
through  dealings  in  Tennessee  Coal  &  Iron,  which 
stock  advanced,  within  a  few  months,  from  around 
$30  a  share  to  above  $125.  Now,  in  the  case  of  the 
Missouri  Pacific  investment  above  illustrated,  had 
you  purchased  the  stock  outright,  it  would  have  re- 
quired $5,112.50  to  have  bought  and  paid  for  100 
shares  at  51,  which  transaction  at  117  would  have 
shown  a  profit  of  a  little  more  than  $6,500,  or  one- 
tenth  of  the  profit  made  by  operating  on  margin. 

Of  course  there  are  also  disadvantages  in  margin 
trading,  and  judgment  must  be  used  so  as  not  to 
over-trade  in  proportion  to  your  margin,  but  there 
is  probably  no  field  of  operations  wherein  capital  and 
brains  are  applied  to  greater  advantage  than  in  Wall 
Street.  Closely  watched,  the  stock  market  offers  an 
unlimited  field  for  successful  trading  almost  every 
day.  You  will  find  many  opportunities  for  pur- 
chasing good,  standard,  dividend-paying  stocks  at 
low  prices  that  are  sure  to  advance  in  the  market 
many  points  within  a  very  short  time  thereafter. 
Then,  again,  you  will  see  chances  to  sell  stocks  short 
at  high  prices,  that  can  be  bought  in  many  points 
lower  later  on.    (See  chapter  on  Short  Selling.) 

We  have  given  elsewhere  in  this  volume  a  brief 
outline  of  the  careers  of  a  few  modern  successful 
financiers  whose  fortunes  were  made  in  Wall  Street. 
Jay  Gould  early  in  life  invented  a  mouse  trap,  and 
afterwards  became  a  book  canvasser  and  surveyor. 
"  Jim  "  Fisk  peddled  goods  throughout  the  Newr  Eng- 
land States,  while  Russell  Sage  clerked  in  a  country 


WALL  STREET  GUIDE. 


11 


village  store.  P.  D.  Armour,  when  a  young  man,  drove 
a  butcher's  wagon  in  Chicago,  and  Commodore  Van- 
derbilt,  founder  of  the  Vanderbilt  fortune,  was  a 
boatman.  Andrew  Carnegie  came  to  America  and 
started  as  a  messenger  boy,  while  Daniel  Drew  made 
his  first  profitable  speculation  by  driving  a  herd  of 
cattle  over  the  Alleghenies  to  the  Eastern  markets; 
and  even  our  modern  "  Jim  "  Keene  is  said  to  have 
peddled  milk  among  the  miners  in  California  in  his 
early  days.  The  founder  of  the  Rothschild  family 
got  his  start  by  getting  advance  news  regarding  the 
result  of  the  battle  of  Waterloo.  On  this  occasion 
Rothschild  is  said  to  have  netted  several  million  dol- 
lars by  buying  English  "  consols  "  in  London  as  low 
as  58%.  A  day  later  news  arrived  of  the  decisive 
victory,  and  "  consols  "  advanced  with  a  bound.  True, 
it  is  impossible  for  all  of  us  to  be  Vanderbilts  or 
Rothschilds,  but  in  order  to  be  successful  in  specula- 
tion it  is  only  necessary  to  be  in  close  touch  with 
the  market,  and  to  now  and  then  grasp  an  oppor- 
tunity to  buy  for  a  rise  or  sell  for  a  fall.  In  Roths- 
child's day  there  were  no  telegraphs  or  telephones,  so 
that  now,  with  modern  conveniences,  it  is  possible 
for  almost  every  speculator  to  be  in  close  touch  with 
the  markets  and  current  events  almost  constantly. 

SELLING  SHORT. 

Money  is  often  more  quickly  made  on  the  "  short " 
side  of  the  market  than  on  the  "  long  "  side.  When 
you  operate  on  the  short  side  you  first  sell  a  stock, 
to  buy  it  back  later  at  cheaper  prices.  The  man  who 
sells  short  is  a  ""  bear" — because  the  Wall  Street 
bear  is  a  man  who  believes  ruling  prices  are  too  high, 
and  thinks  they  are  going  lower.  He  is  a  pessimist 
on  the  existing  situation.  The  Wall  Street  "  bull "  is, 
naturally,  an  optimist,  and  thinks  prices  are  going 
higher. 

The  above  statements  are  true  as  applied  to  the 
general  situation,  and  yet  a  "  bull "  frequently  sells 
short.  That  is,  he  may  believe  that  prices  ultimately 
are  going  much  higher,  and  yet  feel  that  because  of 
a  recent  extended  advance  prices  are  due  to  react  a 
few  points,  and  therefore  he  goes  short  merely  as  a 
temporary  move — or,  in  the  parlance  of  the  Street, 
to  make  a  "  scalp  "  on  the  short  side. 

Stocks  usually  break  more  rapidly  than  they  rise; 
prices  go  down  more  quickly  and  suddenly  than  they 
advance.  Hence  our  statement  at  the  beginning  of 
this  chapter.  As  an  illustration,  consider  the  won- 
derful advance  in  prices  which  was  in  force  almost 
continually  from  early  in  November,  1900,  until  early 
in  May,  1901.  A  rise  exceeding  $50  a  share  was  scored 
by  many  of  our  best  securities  in  that  short  period 
of  six  months,  and  all  stocks  added  to  their  value 


materially.  Yet  in  two  days,  May  8th  and  9th, 
losses  averaging  40  points  were  suffered  by  many  lead- 
ing securities,  those  which  had  advanced  most  natu- 
rally showing  the  greatest  declines. 

SELLING  SHORT  IS  LEGITIMATE. 

It  is  surprising,  and  yet  a  fact,  that  a  great  many 
traders  have  scruples  against  selling  stocks  short. 
They  argue  that  buying  stock  at  a  low  price  and 
selling  it  at  a  higher  figure — or  even  selling  it  at  a 
lower  figure,  thereby  accepting  a  loss — is  perfectly 
legitimate;  but  they  claim  that  "  selling  a  thing  you 
do  not  own "  is  gambling,  and  therefore  they  would 
not  for  a  moment  consider  a  deal  on  the  short  side 
of  the  market. 

As  must  be  apparent  to  any  clear-headed  thinker, 
such  a  conclusion  is  the  essence  of  ignorance.  When 
you,  through  your  broker,  buy  a  certain  number  of 
shares  of  stock,  some  other  man  must  sell  them  to 
you.  If  your  broker  buys  from  a  man  who  has  al- 
ready bought  them,  and  therefore  owns  the  stock, 
surely  you  wrould  not  pretend  to  say  that  that  man 
was  gambling. 

Now,  suppose  that  the  same  man  does  not  actually 
possess  the  shares  you  desire.  He  stands  by  and  lis- 
tens as  your  broker  bids  170  for,  say  100  shares  of  St. 
Paul  stock.  It  occurs  to  him  that  that  is  rather  a 
high  price  for  St.  Paul,  and  he  feels  that,  if  he  owned 
any  of  the  stock,  he  would  gladly  part  with  it  for 
that  figure.  He  has  the  conviction  that  the  stock 
is  going  lower. 

What  does  he  do  ? 

He  steps  up  to  your  broker  and  says :  "  Sold  !  I 
sell  you  100  shares  of  St.  Paul  at  170."  And  your 
broker  records  the  transaction,  and  your  purchase  is 
made.  The  other  broker,  whom  we  will  call  Brown, 
has  agreed  to  deliver  100  shares  of  St.  Paul,  although 
he  does  not  own  the  stock.  He,  Brown,  is  then 
"  short "  of  100  shares  of  St.  Paul.  Now,  if  he  turns 
around  immediately  and  buys  100  shares,  he  will,  of 
course,  obtain  the  certificates  with  which  to  make 
delivery  to  your  broker;  but  if  he  buys  the  stock 
then  he  will  have  to  pay  170  for  it,  and  therefore 
he  can  make  nothing  by  the  transaction.  However, 
the  certificates  must  be  delivered  to  your  broker, 
as  per  Brown's  agreement;  so,  during  the  last  fifteen 
minutes  of  the  session,  Brown  goes  into  the  "  loan 
crowd  "  on  the  floor  of  the  Exchange  and  borrows  100 
shares  of  St.  Paul  from  some  one  who  has  it  to  lend, 
and  these  certificates  he  delivers  to  your  broker, 
thereby  completing  his  contract. 

Your  broker  now  holds  for  you  100  shares  of  St.  Paul 
for  which  he  paid  Brown  170,  and  Brown  is  "  short  " 
100  shares.    That  is  to  say,  he  owes  that  amount 


WALL  STREET  GUIDE. 


13 


of  stock  to  the  lender,  whom  we  will  call  Wilson. 
Next  day,  let  us  say,  the  market  price  of  St.  Paul 
declines  to  1(55,  and  then  Brown  steps  into  the  crowd 
and  purchases  100  shares  of  that  stock  at  the  ruling 
price.  Thus  he  obtains  the  certificates  with  which 
to  replace  those  he  borrowed  on  the  previous  day 
from  Wilson,  and  now  all  of  his  obligations  are 
cancelled. 

Yesterday  he  borrowed  100  shares  from  Wilson 
with  which  to  make  delivery  to  your  broker,  and 
to-day  he  buys  100  shares  with  which  to  return  his 
loan — and  now  he  is  "  even "  on  the  market,  and 
just  $500  ahead  on  his  deal,  for  your  broker  paid 
him  $170  per  share  for  the  stock  which  he  was  able, 
a  day  later,  to  purchase  for'$lG5  per  share. 

Do  you  see  anything  about  such  a  transaction  that 
savors  of  gambling? 

We  think  you  will  agree  with  us  that  it  was  per- 
fectly legitimate,  and  purely  the  result  of  business 
judgment. 

HOW  TO  OPEN  AN  ACCOUNT. 

This  is  a  very  simple  procedure  and  little  need  be 
said.  Merely  forward  draft,  money  order,  or  check 
for  the  amount  you  wish  to  deposit,  and  the  same  will 
be  placed  to  your  credit.  Then,  on  receipt  of  orders 
from  you,  we  will  proceed  to  buy  or  sell  stocks  for 
your  account. 

MARGIN  REQUIRED. 

On  the  more  active  stocks,  such  as  the  railroads  and 
the  low-priced  industrials,  a  margin  of  5  per  cent., 
or  $5  per  share,  is  sufficient,  although  it  is  often  to 
the  interest  of  the  trader  to  keep  -a  larger  margin, 
10  or  even  20  per  cent,  being  advisable.  On ^  such 
stocks  as  Metropolitan  and  stocks  that  are  inactive, 
it  is  necessary  to  deposit  at  least  a  ten-point  margin. 

\ . 

HOW  TO  WIRE  MONEY. 

In  case  you  have  no  account  with  our  house  and 
wish  to  buy  or  sell  any  listed  stock  without  delay, 
deposit  margins  in  your  bank  to  credit  of  J.  L. 
McLean  &  Co.,  and  have  the  bank  cashier  wire  us 
to  that  effect,  on  receipt  of  which  message  we  will 
execute  any  orders  you  may  give,  without  waiting 
for  the  funds  to  be  transferred. 

HOW  TO  GIVE  ORDERS. 

Merely  write  or  telegraph  how  many  shares  of 
any  particular  stock  you  wish  to  buy  or  sell  and 


at  what  price,  and,  if  the  market  permits,  your  order 
will  be  executed  on  the  day  given,  but  at  the  close 
of  the  day's  business  your  order  will  be  cancelled 
unless  you  state  in  order  that  it  is  to  remain  "  open  " 
or  ,k  (;.  T.  C."  (good  till  cancelled).  Do  not  forget  this 
point  and  it  will  save  confusion:  Orders  are  good 
only  for  the  day  on  which  they  are  given,  unless 
as  above  stated. 

MARKET  ORDERS. 

A  market  order  is  an  order  to  buy  or  sell  stocks 
or  other  speculative  commodities  at  the  market  price, 
and  on  receipt  of  such  orders  we  always  use  our  best 
efforts  to  buy  or  sell  to  as  good  advantage  for  the 
customer  as  possible. 

ABOUT  ORDERS. 

The  failure  to  give  orders  properly  often  results 
in  serious  loss,  and  therefore  every  new  trader  should 
make  a  study  of  this  feature  of  speculation. 

Here  is  a  common  form  of  order  in  use :  "  Buy  for 
my  account  and  risk  50  shares  of  Union  Pacific  at 
102.    Stop  loss  at  100." 

Such  an  order  may  be  received  by  the  broker  in 
his  early  mail,  or  by  telegraph,  or  it  may  be  handed 
in  at  the  order  window  by  the  trader  in  person.  In 
either  ease  it  is  given  to  the  operator  on  the  floor  of 
the  exchange  who  executes  the  trades  for  the  house, 
and  should  the  price  for  Union  Pacific  at  any  time 
decline  sufficiently  so  that  the  50  shares  desired  can 
be  purchased  at  the  figure  named,  the  order  will  be 
executed,  in  whole  or  in  pail.  That  is  to  say,  it 
might  be  possible  to  secure  30  or  perhaps  40  of  the 
50  shares  desired  at  the  quotation  named  in  the 
order,  owing  to  the  fact  that  the  market,  after  de- 
clining to  the  price  named,  held  at  that  figure  only 
for  an  instant  and  then  advanced  sharply  under  the 
influence  of  strong  bidding. 

Such  an  order  as  quoted  above  is  cancelled  at  the 
close  of  the  market  on  the  day  received.  If  you  wish 
the  order  to  remain  in  force  you  must  mark  it  "  open 
order,"  or  "  good  until  cancelled."  In  such  case  it 
will  be  kept  on  file  from  day  to  day  and  executed 
at  the  first  opportunity  that  offers. 

Let  us  suppose  the  above  order  to  be  received  in 
the  morning  before  the  opening  of  the  market.  The 
first  quotation  on  Union  Pacific  is,  perhaps,  102%. 
After  a  few  minutes  of  the  trading  the  price  begins 
to  give  way,  and  soon  Union  Pacific  is  offered  at  102. 
Our  floor  man  immediately  buys  50  shares  at  that 
price,  and  your  order  is  filled.  But  we  also  have  a 
"  stop  loss  "  order  to  execute  for  you  in  case  the  price 
continues  to  decline  until  it  touches  100. 


WALL  STREET  GUIDE. 


15 


HOW  STOP  ORDERS  ARE  GIVEN 
AND  EXECUTED. 

No  broker  can  guarantee  to  execute  stop  loss  orders 
at  the  precise  quotation  named,  of  course;  but,  as  a 
rule,  it  is  possible  to  do  so.  Let  us  suppose  that 
Union  Pacific  declines  to  100^4.  If  it  drops  another 
quarter  of  a  point  our  floor  man  will  sell  your  50 
shares  at  the  best  price  he  can  obtain.  But  from 
lOO1^  the  stock  begins  to  rise,  and  in  another  hour 
it  has,  perhaps,  climbed  to  105.  At  this  point  you 
can,  if  you  wish,  sell  your  holdings  and  realize  a 
profit  of  three  full  points,  or,  in  other  words,  $3  per 
share.  On  your  fifty  shares  this  would  represent  a 
gain  to  you  on  the  transactions  of  $150.  But,  of 
course,  it  is  optional  with  you  whether  you  sell  now 
or  hold  for  a  still  greater  advance.  And  you  can, 
if  you  wish,  "  raise  your  stop  loss  "  so  as  to  insure 
yourself  against  any  loss  on  the  trade  whatever. 
That  is  to  say,  when  you  note  the  price  has  advanced 
to  105,  you  can  cancel  your  first  order  to  sell  at  100 
and  give  us  a  new  order,  reading:  ''Sell  50  shares 
of  Union  Pacific  at  102,  to  stop  loss." 

Thus,  if  the  stock  should  "  break "  and  suddenly 
decline,  your  stock  would  be  sold  when  the  price 
dropped  to  102,  and  as  it  was  originally  purchased 
at  that  figure  the  transaction  would  show  neither 
profit  nor  loss. 

On  the  other  hand,  let  us  suppose  that  you  be- 
lieved a  certain  stock  was  going  to  decline  in  value, 
and  desired  to  sell  it  "  short."  You  would  word  your 
order  as  follows:  "Sell  for  my  account  and  risk  50 
shares  of  Rock  Island  at  137.    Stop  loss  at  139." 

When  opportunity  offered  we  would  "  sell "  the 
stock  at  the  figure  named.  If  it  declined,  say  to  133, 
you  could,  if  you  wished,  buy  fifty  shares  of  Rock 
Island  at  that  price  with  which  to  fill  the  contract 
you  entered  into  when  you  previously  sold  the  stock 
at  137.  Here,  then,  would  be  a  completed  transaction. 
You  sold  50  shares  at  137  and  you  bought  50  shares 
at  133;  or,  to  put  it  in  another  way,  our  books  would 
show  that  you  had  bought  50  shares  of  Rock  Island 
at  133  and  also  that  you  had  sold  50  shares  of  the 
same  stock  at  137.  The  difference  in  price  is  $4  per 
share,  representing  a  profit  to  you  on  the  transaction 
of  $200. 

But  suppose  the  stock  continued  to  advance  after 
you  sold  it  at  137.  By  your  act  in  doing  so  you 
virtually  contracted  to  deliver  50  shares  of  Rock 
Island,  and  the  price  named  in  the  "  contract "  is 
$137  per  share.  You  have  given  us  a  "stop  loss" 
order  to  be  executed  at  139.  When  the  price  has 
advanced  to  that  point  we  execute  this  order  and 
buy  for  your  account  50  shares  of  Rock  Island  with 
which  to  make  good  the  quantity  of  stock  which  you 
are  "  short." 


Here  the  conditions  are  different.  Our  books  now 
show  that  you  paid  $139  per  share  for  50  Rock 
Island  and  sold  the  same  quantity  of  the  same  stock 
at  a  price  of  $137  per  share.  It  cost  you  $2  per  share 
more  than  you  received  for  it,  hence  the  difference 
represents  a  loss  to  you  on  the  transaction  of  $100. 
Stop  orders  are  always  good  until  cancelled  unless 
you  give  instructions  to  the  contrary. 

MAKE  YOUR  ORDERS  EXPLICIT. 

Orders  that  leave  the  brokers  to  guess  at  the  real 
intent  or  desires  of  the  trader  are  not  satisfactory 
to  either  party.  When  you  give  an  order,  make  it 
plain,  punctuate  it  carefully.  Leave  nothing  in  doubt. 
If  you  wish  it  to  be  regarded  as  an  "  open  order," 
mark  it  so.  State  the  stock  desired,  the  quantity, 
and  give  close  attention  to  this  as  well  as  all  other 
little  points  in  connection  with  which  there  is  a  pos- 
sibility of  misunderstanding.  Errors  in  the  execu- 
tion or  the  giving  of  orders  are  usually  expensive. 
Try  to  avoid  them. 

At  the  close  of  each  day's  business  a  report  is  pre- 
pared showing  all  transactions  made  for  your  account 
during  that  session,  and  mailed  or  delivered  to  the 
person  or  the  trader.  And  as  often  as  desired  a 
complete  statement  of  every  account  is  forwarded  to 
all  customers,  recording  all  trades  for  the  period 
reviewed  and  showing  the  precise  balance  on  hand, 
as  well  as  any  trades  which  may  at  that  time  be 
"  open  "  in  the  market. 


TRADING  ON  A  SCALE. 

Then  there  is  still  another  kind  of  order,  used  by 
the  man  who  desires  to  "  buy  on  a  scale."  For  in- 
stance, let  us  assume  that  your  margin  is  $1,000,  and 
you  wish  to  buy  100  shares  of  Atchison  preferred 
"  on  a  scale  "  down.  Your  order  should  read  "  Buy 
for  my  account  and  risk  10  shares  of  Atch.  pfd.  at 
93  and  buy  10  more  at  92— 91— 90— 89— 88— 87— BO- 
SS— 84.  Open  order."  The  market  declines,  we  will 
say,  to  84,  and,  therefore,  at  each  of  the  quotations 
named  10  shares  of  Atch.  pfd.  have  been  bought  for 
your  account,  so  that  you  are  now  carrying  a  total  of 
100  shares,  and  the  average  price  of  this  stock  is  88^. 
If  the  price  should  decline  to  781/£,  your  margins  will 
be  exhausted,  for  that  would  represent  an  average 
loss  on  your  holdings  of  $10  per  share,  or  $1,000  on 
100  shares. 

On  the  other  hand,  suppose  you  sold  10  shares  at 
each  of  the  quotations  named.  Then,  with  the 
market  at  78^,  you  could,  if  you  wished,  buy  100 
shares  at  that  price  to  "cover"  your  "shorts,"  and 


WALL  STREET  GUIDE. 


17 


you  would  net  a  profit  on  the  combined  transaction 
of  $1,000. 

In  giving  "scale"  orders  do  not  say  "buy  on  a 
scale  down  every  point,"  but  state  the  specific  figures 
at  which  you  wish  purchases  or  sales  (as  the  case 
may  be)  executed.  Then  nothing  is  left  in  doubt  as 
to  your  exact  meaning. 

At  all  times  remember  that  your  broker,  if  he  is 
a  good  broker,  is  a  very  busy  man.  Therefore  state 
your  desires  explicitly,  so  that  they  may  be  com- 
prehended at  a  glance. 


QUALITIES  NECESSARY  TO  SUCCESS. 

Wall  Street  is  a  centre  of  brains.  From  the  stand- 
point of  brains  it  is  an  illustration  of  the  survival 
of  the  fittest.  If  you  would  succeed  in  stock  market 
operations  you  must  have  the  ability  to  think  for 
yourself;  you  must  be  able  to  listen  to  the  views  of 
others  without  being  unduly  influenced.  You  must 
have  the  nerve  to  admit  your  mistake  when  you 
see  you  have  made  an  error,  and  get  out  of  a  bad 
trade  before  the  loss  has  amounted  to  serious  propor- 
tions. To  make  a  success  of  this  business  }Tou  must 
have  the  ability  to  form  positive  conclusions,  yet 
avoid  falling  into  the  rut  of  entertaining  "  bull- 
headed  "  notions.  The  obstinate  man  will  fail,  the 
man  of  weak  will  is  destined  to  a  like  fate.  It  is 
the  "  happy  medium  "  that  is  cut  out  to  make  a  suc- 
cessful stock  operator.  Such  a  man  should  not  spend 
five  years  in  Wall  Street  speculation  without  being 
in  a  position  at  the  end  of  that  time  to  retire  on  a 
most  substantial  competence.  It  makes  no  difference 
whether  he  starts  with  $100  or  $1,000,  those  are  the 
qualities  which  go  to  make  up  the  individual  with 
ability  "  to  read  the  market."  And  the  man  who 
can  do  this  is  destined  to  succeed. 

The  obstinate  man  may  possibly  make  a  moderate 
success  of  it,  the  weak-minded  trader,  by  adhering 
closely  to  definitely  mapped  out  rules  pertaining  to 
the  technical  part  of  the  business,  will  perhaps  ope- 
rate with  a  fair  degree  of  success.  But  the  fortunes 
are  made  by  the  men  who  are  able  to  form  their  own 
opinions  and  who  are  not  too  proud  to  change  them 
when  it  is  evident  they  are  poorly  formed. 


LOOKING  INTO  THE  FUTURE. 

Panics  and  good  times  come  to  us  in  periodical  tidal 
waves. 

A  careful  study  of  the  financial  and  business  condi- 
tions of  the  past  is  our  best  guide  as  to  what  is  going 
to  occur  in  the  future,  and  a  careful  observer  will 
2 


note  that  since  the  year  1818  business  has  been  good 
and  stocks  and  commodities  high  about  every  ten 
years,  and  that  this  has  then  been  followed  by  a 
reactionary  panic,  prices  tending  downward  for  a 
period  of  about  five  years  and  gradually  working 
up  to  the  old  level;  then  about  once  in  twenty  years 
we  have  experienced  sensational  business  booms, 
which  were  inevitably  followed  by  a  severe  liquida- 
tion panic,  such  as  occurred  in  1833,  1853,  1873,  and 
1893,  while  "  scares "  occur  quite  frequently  during 
each  year. 

Reactionary  panics  do  not  carry  as  disastrous 
after-results  as  liquidation  panics,  but  in  either  case 
there  must  be  a  strong  upward  action  before  a  severe 
reaction  can  take  place.  After  the  panic  of  1893  the 
after-results  were  the  same  as  those  following  the 
1873  panic.  In  1877  business  began  to  improve,  and 
the  year  following  there  was  a  general  advance  in 
stocks  and  speculative  commodities,  which  laid  the 
foundation  for  the  great  boom  of  1879,  after  which 
we  were  blessed  with  ten  years  of  unprecedented 
prosperity  without  interruption,  until  the  monetary 
panic  of  1893,  which  occurred  just  twenty  years  after 
the  1873  panic,  resulting  from  the  failure  of  J.  Cooke 
and  many  other  banking  houses  with  national  repu- 
tations. Succeeding  the  panic  of  1893,  we  went 
through  a  period  of  depression  covering  several  years, 
or  until  the  beginning  of  1897,  just  as  we  did  twenty 
years  previously,  after  which  business  began  to  im- 
prove, and  the  greatest  wave  of  prosperity  ever 
known  to  this  or  to  any  other  country  took  place, 
and  from  present  appearances  we  are  still  in  the 
early  stages  of  this  period  of  prosperity.  Judging 
from  the  duration  of  the  good  times  of  twenty  years 
ago,  this  period  should  carry  us  along  for  from  eight 
to  twelve  years  before  we  are  to  suffer  any  serious 
set-back. 

What  has  happened  in  the  past  we  may  reasonably 
expect  to  occur  again.  The  higher  prices  go,  the 
greater  the  inflation  of  values,  the  more  disastrous 
and  far-reaching  will  be  the  fall.  Booms  are  not  felt 
spontaneously  all  over  the  country  at  once,  but 
come  gradually  and  are  first  noticed  in  special  locali- 
ties. Wall  Street  may  be  said  to  be  the  financial 
pulse  of  America,  and  is  the  first  to  foretell  a  coming 
storm.  It  is  the  barometer  of  the  nation,  but  in 
order  to  read  this  barometer  accurately  we  must 
study  carefully  its  code  of  signals  and  learn  the 
meaning  of  each  market  movement. 

The  influences  which  have  an  important  bearing 
upon  future  values  and  the  laws  of  action  and  reac- 
tion are  a  study  .in  themselves,  and  the  more  a  per- 
son studies  them  the  deeper  the  subject  becomes, 
but  with  ordinary  judgment  one  ought  to  be  able 
to  foretell  market  movements  with  some  degree  of 
accuracy. 


WALL  STREET  GUIDE. 


MONETARY  TIDAL  WAVES. 

Speculative  values  have  their  ebb  and  flow  just  as 
surely  as  the  tides  of  the  ocean,  and  by  a  careful 
study  of  these  movements  it  is  possible  to  become 
a  successful  operator  in  stocks  and  other  speculative 
commodities. 

In  order  to  do  so  intelligently,  you  must  study 
and  become  familiar  with  the  volumes  of  stock 
traded  in,  in  addition  to  general  conditions  affecting 


opportunities  which  cannot  be  equalled  in  any  other 
business  or  profession. 

Intrinsic  values  never  control  a  rising  or  a  falling 
speculative  tide.  Study  the  ebb  and  flow  of  this 
tide  and  you  will  learn  to  solve  the  problem  of  suc- 
cessful operations  in  the  stock  market  with  a  degree 
of  certainty  that  you  will  find  surprisingly  accurate. 

Future  movements  in  the  stock  market  are  indicated 
by  the  volumes  of  transactions  and  extreme  prices 
reached  on  either  a  rising  or  a  falling  market,  and 


WALL  STREET,  EAST  OF  WILLIAM  STREET,  IN  THE  PANIC  OF  OCTOBER  U,  1857. 


values.  The  reason  why  so  many  people  fail  in 
speculative  operations  is  because  they  come  to  Wall 
Street  expecting  to  get  rich  quickly,  and  will  then 
buy  or  sell  stocks  right  and  left  just  because  some 
one  has  advised  them  to  do  so  or  because  they  have 
been  a  little  lucky  and  will  guess  that  it  is  right  to 
do  so.    This  i>  gambling  pure  and  simple. 

Successful  speculation  is  based  upon  intelligent 
forecasts,  the  fulfilment  of  which  must  be  patiently 
awaited.  Lei  the  operator  apply  to  his  transactions 
the  true  principles  of  speculation,  just  as  he  would  do 
in  any  ol  her  business,  and  then  Wall  Street,  offers  to 
tin;  man  with  nerve,  patience,  and  moderate  capital 


in  either  case  are  always  sure  to  go  just  as  much 
too  far  in  one  direction  as  they  were  previously  in 
the  other  direction.  When  the  heart  stops  beating 
we  are  dead.  When  values  stop  fluctuating  the  world 
will  be  dead.  Disturbing  elements  are  necessary  to 
its  vitality.  No  matter  how  quiet  the  market  may 
be,  something  unexpected  is  sure  to  happen,  and  will 
serve  to  start  the  market  into  activity.  The  first 
extreme  point  reached  in  either  its  upward  or  down- 
ward course,  accompanied  by  an  unusually  large 
volume  of  trade,  is  a  measure  of  its  successors  with 
surprising  accuracy  ;  so  that  a  careful  student  of 
'■•■a nee  is  able  to  judge  when  the  high  or  low  point 


WALL  STREET  GUIDE. 


19 


is  reached,  and  on  any  succeeding  movement  to  that 
extreme  point  there  will  be  plenty  of  opportunities 
to  act. 


WHEN  YOU  WIN,  SOME  ONE  ELSE 
DOES  NOT  ALWAYS  LOSE. 

It  seems  to  be  the  general  impression  amongst  peo- 
ple with  whom  we  have  come  in  contact  that  in  order 
to  win,  it  is  necessary  that  some  one  else  must  lose 
a  like  amount.  This  would  be  true  if  speculation  was 
gambling,  but  it  is  no  more  so  than  buying  real  estate. 
Of  course  there  is  risk  in  all  things.  We  take  chances 
every  time  we  go  out  of  doors,  and  it  may  be  said  that 
there  is  nothing  certain  except  death.  But,  says  some 
one,  "Where  do  you  draw  the  line  between  stock  specu- 
lation and  gambling?"  Herein  lies  the  difference: 
The  general  tendency  of  values  in  America  is  in  an 
upward  direction,  because  we  are  making  rapid 
strides  forward.  Our  financial  conditions  are  becom- 
ing better  gradually,  and  our  country  is  developing 
very  rapidly.  This  naturally  results  in  increased 
railroad  earnings,  and  increased  earnings  for  every 
combination  of  capital  in  the  land,  and  a  consequent 
increase  in  the  value  of  these  securities.  Therefore, 
if  you  bought  Missouri  Pacific  a  few  years  ago  at  30, 
the  advance  in  price  which  has  taken  place  is  a  natural 
enhancement  in  value,  and  is  your  profit  for  using  good 
foresight  and  judgment,  while  no  one  is  loser  thereby. 
You  have  more  than  trebled  your  money  if  you  bought 
your  stock  and  paid  for  it  outright,  while  if  you 
bought  it  on  margin  your  profit  is  just  that  much 
larger  in  proportion,  because  you  could  have  bought 
six  times  as  much  on  a  five-point  *  margin  as  you 
could  have  purchased  outright.  Therefore,  a  profit 
at  the  present  time  under  the  latter  plan  would 
amount  to  over  twelve  times  the  amount  of  your  in- 
vestment, and  no  one  necessarily  loses  a  single  dollar 
by  this  transaction,  because  it  is  merely  an  en- 
hancement in  value  which  has  taken  place  from  the 
improved  conditions  which  exist.  Can  any  one  show 
where  these  transactions  differ  materially  from  the 
one  wherein  Deacon  Jones  bought  a  corner  lot  and 
paid  down  in  cash  one-tenth  of  the  purchase  price, 
giving  a  mortgage  on  the  balance,  and  the  lot  doubled 
in  value  in  six  months?  One  is  as  much  of  a  gamble 
as  the  other,  and  no  one  necessarily"  had  to  lose  the 
amount  that  the  other  made  on  the  transaction. 

As  a  rule  it  is  only  gambling  to  those  who  have 
lost,  and  it  is  entirely  superfluous  to  profess  a  moral- 
ity superior  to  stock  speculation.  In  fact  a  pew  in 
the  church  and  a  seat  in  the  Stock  Exchange  are  not 
now  absolutely  inconsistent  holdings. 
*  A  point  in  stocks  is  $1.00  per  share,  regardless  of  the  selling  price. 


"THE   CONSOLIDATED  STOCK 
EXCHANGE." 

This  exchange  was  organized  in  1875  under  the 
title  of  the  "  Consolidated  Stock  and  Petroleum  Ex- 
change." Originally,  the  principal  purpose  of  this 
organization  was  to  afford  a  ready  market  lor  the 
then  new  product,  petroleum,  and  for  many  years, 
until  about  1889,  trading  in  this  commodity  was  very 
active,  when  the  product  became  almost  entirely 
monopolized  by  the  Standard  Oil  Company,  after 
which  trading  in  oil  became  a  dead  letter  and  was 
discontinued  in  the  exchange.  All  prominent  mining 
stocks  are  listed  on  this  exchange,  and  calls  are  made 
daily,  but  during  the  past  ten  years  the  business  of 
buying  and  selling  railroad  and  industrial  stocks  has 
almost  monopolized  the  entire  transactions  of  this 
exchange. 

It  occupies  its  own  property,  corner  of  Exchange 
Place  and  Broadway,  running  through  to  New  Street. 
It  has  gradually  grown  in  size  and  prestige  until  it 
is  now  a  prominent  competitor  of  the  old  Xew  York 
Stock  Exchange.  The  daily  transactions  in  active 
stocks  on  its  floor  often  aggregate  half  the  volume 
of  those  made  on  the  old  exchange,  and  there  are 
many  reasons  why  it  is  sometimes  advantageous 
to  operate  on  the  Consolidated  Exchange  in  pref- 
erence to  the  New  York  Stock  Exchange;  especially 
is  this  true  for  small  operators.  One  reason  is 
that  the  commission  is  only  one-half  as  high,  being 
one-eighth  for  the  round  turn  for  quantities  of  fifty 
shares  and  upwards;  whereas,  the  New  York  Stock 
Exchange  rate  is  one-fourth  for  the  round  turn; 
and  this  is  no  small  item,  as  it  is  figured  that  the 
average  speculator  will  pay  as  much  in  commissions 
each  year  as  his  account  amounts  to  at  the  start. 
It  is,  however,  true  that  in  some  instances  the  Con- 
solidated market  will  be  one-eighth  over  or  one- 
eighth  under  the  regular  market;  but  while  this 
works  to  a  disadvantage  occasionally,  it  also  works 
to  one's  advantage  at  other  times. 

True,  the  quotations  on  the  New  York  Stock  Ex- 
change have  a  great  deal  of  influence  on  prices  on  the 
floor  of  the  Consolidated,  for  the  reason  that  trans- 
actions on  the  latter  are  seldom  so  heavy  as  they  are 
on  the  older  exchange,  and  in  operating  on  this  ex- 
change you  are  also  enabled  to  trade  in  smaller  quan- 
tities at  the  market  prices,  while  on  the  New  York 
Stock  Exchange  if  you  try  to  buy  or  sell  ten  shares 
of  any  stock  you  will,  in  all  probability,  get  your 
trades  executed  at  from  one-half  to  one  point  away 
from  the  last  quotation ;  this  in  addition  to  paying 
twice  the  regular  charges  of  Consolidated  Stock  Ex- 
change brokers. 


CONSOLIDATED  STOCK  EXCHANGE  OF  NEW  YORK. 


WALL  STREET  GUIDE. 


21 


A  FEW  POINTS  WORTH 
REMEMBERING. 

Here  are  a  few  brief  rules  which  it  is  well  to  keep 
in  mind,  in  addition  to  careful  observation  as  to 
market  movements  already  explained: 

1.  Remember  a  bear  market  always  begins  when 
everything  is  brightest  and  the  public  most  bullish, 
and  when  volumes  of  transactions  are  largest  on  the 
advances. 

2.  A  bull  market  begins  at  the  end  of  a  bear  cam- 
paign, when  everything  is  darkest  and  the  volumes 
of  transactions  are  abnormal,  at  which  time  the 
public  is  selling  stocks. 

3.  After  an  extreme  movement  in  either  direction, 
accompanied  by  a  large  volume  of  transactions,  and 
a  reaction  of  from  two  to  five  points  occurs,  prices 
are  almost  sure  to  go  back  to  near  the  former  ex- 
treme point  within  a  few  days,  and  this  is  the  place 
to  buy  or  sell  stocks,  as  the  case  may  be. 

4.  Remember  by  the  time  the  news  gossip  reaches 
you  it  is  very  apt  to  be  stale,  and  is  probably  sent 
out  for  the  very  purpose  of  getting  the  public  on  the 
wrong  side  of  the  market. 

5.  Never  trade  in  more  than  your  capital  will  allow 
you  to  margin  at  least  ten  points,  and  preferably 
twenty,  because  then  when  you  have  to  take  a 
small  loss,  you  will  not  feel  it  so  seriously  as  would 
be  the  case  were  you  to  trade  on  a  narrow  mar- 
gin. Let  small  loads  and  big  margins  be  your  watch- 
word. 

6.  Drop  all  sentiment,  pay  no  attention  to  news 
gossip,  points,  or  tips,  but  merely  become  a  machine 
with  sufficient  power  to  execute  your  orders  accord- 
ing to  market  movements  as  previously  explained. 

7.  When  the  market  starts  in  your  favor,  continue 
buying  or  selling,  as  the  case  may  be,  using  your 
profit  for  additional  margin,  always  keeping  plenty 
of  margin  on  your  trades;  then,  should  there  be  a 
long  movement  in  your  favor,  your  profit  would  be 
something  immense  in  proportion  to  the  amount 
invested. 

GOLDEN  RULE:  WHEN  IN  DOUBT,  DO 
NOTHING. 

The  market  is  always  here,  and  there  will  be  plenty 
of  opportunities  to  take  advantage  of  the  fluctua- 
tions without  guessing  at  it.  Wait  for  something 
definite;  don't  try  to  make  a  profit  every  day.  If 
you  can  make  one  good  profit  each  month,  without 
any  losses,  it  is  much  better  than  trying  to  trade  on 
every  quotation. 


IF  WRONG,  ACKNOWLEDGE  IT. 

Do  not  hesitate  to  change  your  position  if  you  find 
you  have  assumed  an  erroneous  one  on  the  market, 
even  if  you  have  to  take  a  loss.  Such  a  thing  fre- 
quently occurs.  Remember  "  it  is  only  mules  and 
mile-stones  that  never  change  their  opinions."  Sup- 
pose you  were  in  Chicago  starting  to  New  York  by 
rail,  but  found  you  had,  by  mistake  or  false  direc- 
tions, gotten  on  the  Denver  train,  would  you  not 
get  off  as  quickly  as  possible  and  get  on  the  New 
York  train?  Certainly,  but  some  speculators  would 
not.  Rather  than  believe  they  were  wrong  they 
would  stay  right  on  the  Denver  train,  hoping  to 
possibly  arrive  at  New  York  some  day  by  way  of 
China. 

CHANGE,  IF  CONDITIONS  CHANGE. 

No  one  knows  what  the  future  has  in  store.  To 
be  a  successful  speculator  you  must  be  more  nimble 
at  somersaults  than  any  political  acrobat.  You  must 
be  able  to  be  a  rip-roaring,  tossing  "bull"  to-day, 
and  a  growling,  snarling  "  bear "  to-morrow  on  the 
same  commodity.  No  one  knows  what  a  day  will 
bring  forth.  You  have  started  out  for  a  walk  or  a 
drive  on  a  beautiful  afternoon,  with  not  a  cloud 
visible,  and  inside  of  an  hour  a  fearful  storm  may 
be  raging.  Then  you  must  get  under  cover  or  get 
wet.  But  some  speculators  would  not.  They  prefer 
to  stay  out,  just  because  they  started  out  under  the 
impression  it  was  to  be  a  fine  afternoon. 

NEW  YORK  PRODUCE  EXCHANGE. 

New  York  has  five  well-established  exchanges,  the 
New  York  Stock  Exchange,  the  Consolidated  Stock 
Exchange,  the  New  York  Produce  Exchange,  the  New 
York  Cotton  Exchange,  and  the  Coffee  Exchange,  all 
occupying  buildings  owned  or  constructed  for  their 
special  uses.  Their  operations  are  on  similar  lines,  and 
many  firms  hold  memberships  in  two  or  more  of 
them,  this  being  especially  true  with  regard  to  the 
stock  exchanges  and  the  Produce  Exchange.  They 
are  absolutely  independent  of  one  another,  but  in 
events  involving  the  general  welfare  they  exert  a 
united  influence  of  vast  importance.  The  Produce 
Exchange  owns  one  of  the  finest  structures  of  its 
kind  in  the  world,  having  cost,  in  1884,  $3,178,000. 
The  income  from  rentals  alone  is  over  $200,000  per 
annum,  and  the  exchange  now  has  a  gratuity  fund, 
for  the  benefit  of  the  heirs  of  deceased  members, 
amounting  to  over  $1,000,000. 


WALL  STREET  GUIDE. 


23 


"PUTS"  AND  "CALLS." 

A  word  of  explanation  as  to  the  real  meaning 
of  "  Puts  "  and  "  Calls  "  and  their  workings  is  not  out 
of  place  here.  A  "  Call  "  is  a  privilege  to  buy  stocks, 
grain,  cotton,  or  other  speculative  commodities  at  a 
given  price,  within  a  certain  specified  time,  and  a 
"  Put  "  is  the  exact  reverse,  or  a  privilege  to  sell  at 
a  given  price,  within  a  specified  time. 

The  business  of  dealing  in  "  Puts "  and  "  Calls " 
on  stocks  in  Wall  Street,  outside  of  loaning  money, 
may  be  said  to  have  been  almost  the  life  business  of 
Russell  Sage.  At  any  rate,  it  was  he  who  made  this 
particular  line  of  Wall  Street  business  prominent, 
and  undoubtedly  a  large  part  of  his  fortune  is  a  re- 
sult of  these  operations. 

In  order  to  illustrate  the  exact  workings  of  "  Puts  " 
and  "  Calls,"  we  will  have  to  go  into  detail,  and  for 
an  illustration  we  will  say  that  you  have  reason  to 
believe  that  Union  Pacific  stock  will  sell  much  higher 
in  the  near  future.  We  will  suppose  that  the  stock 
is  now  selling  at  98,  and  that  you  buy  a  "  Call " 
on  100  shares  at,  say  101,  good  for  30  days.  The 
price  of  this  "  Call  "  or  privilege  varies  according  to 
the  activity  of  the  market,  but  assuming  that  you 
paid  $1  per  share,  or  $100  for  this  privilege,  and  that 
before  the  30  days  expired  Union  Pacific  was  selling 
at  110.  You  would  then  call  upon  the  broker  who 
sold  the  "  Call  "  to  you  for  the  stock,  which  he  would 
be  compelled  to  deliver  to  you  at  101.  You  could  then 
hold  the  stock  for  future  profits  or  sell  it  out  at  the 
price  then  ruling,  taking  the  difference.  In  case  you 
did  the  latter,  your  profits  would  amount  to  the 
difference  between  101  and  the  selling  price,  which,  for 
illustration,  we  assume  is  110,  less  the  cost  of  the 
privilege  and  your  commission  for  buying  and  selling, 
both  of  which  would  amount,  in  the  above  instance, 
to  $25.  Deducting  this  from  the  difference  between 
the  buying  price  and  selling  price,  which  is  9  points, 
or  $900,  your  net  profit  on  the  transaction  would 
amount  to  $775,  and  you  took  absolutely  no  risk 
on  this  transaction,  except  the  amount  of  money  in- 
vested. On  the  other  hand,  suppose  that  you  had 
bought  a  "  Put "  on  the  same  stock  at  9G,  and  there- 
after the  price  declined  to,  say  87,  the  transaction 
would  be  exactly  similar  to  that  above,  with  the  ex- 
ception that  you  would  "  Put  "  or  sell  the  stock  first  to 
the  party  who  sold  the  privilege  and  buy  it  in  after- 
wards, but  your  profits  would  be  exactly  the  same  in 
the  one  case  as  the  other.  Of  course  the  buying  and 
selling  are  attended  to  by  your  broker,  and  another 
point  which  you  must  remember  is  that  you  do  not 
have  to  wait  until  the  expiration  of  the  privilege. 

Assuming  that  the  privilege  was  for  30  days,  and 
the  stock  advanced  or  declined  at  any  time  within 
the  30  days,  you  could  close  out  and  take  your  profit 


without  waiting  for  the  full  expiration  of  the  time, 
but  the  seller  of  the  privilege  couid  not  compel  you 
to  take  the  stock  or  to  close  the  transaction  at  any 
time,  it  being  optional  with  you  to  do  so  or  not.  The 
above  time  limit  and  prices  are,  of  course,  merely 
used  for  illustration. 

You  can  buy  "  Puts "  and  "  Calls "  for  any  num- 
ber of  days,  even  three  months,  and  sometimes  longer. 
The  above  illustration  is  of  the  usual  plan  under  which 
"  Puts  "  and  "  Calls  "  are  traded  in  on  the  New  York 
market,  but  in  London  "  Puts "  and  "  Calls "  are 
usually  sold  at  the  market  price  of  the  stocks  on 
the  day  sales  are  made,  the  seller,  however,  charging 
a  larger  price  for  the  privilege.  Most  "Puts"  and 
"  Calls  "  in  the  New  York  market  are  from  one  to 
three  or  four  points  away  from  the  market  price  on 
day  of  sale,  but  the  price  for  this  privilege  is  much 
lower  than  when  they  are  bought  on  the  London  plan. 

To  illustrate  the  London  method,  we  will  say  that 
you  buy  a  London  "  Call  "  on  100  U.  S.  Steel  at  41, 
assuming  that  41  is  the  market  price  for  U.  S.  Steel 
on  the  day  this  "Call"  is  bought;  you  would  prob- 
ably pay  from  $250  to  $300  for  this  privilege,  which 
would  be  good  for,  say  30,  60,  or  90  days  from  date 
of  sale,  according  to  the  activity  of  the  market  at 
the  time  of  purchase.  Assuming  that  you  paid  $250 
for  a  "  Call "  on  Steel  at  41,  good  for  60  days,  and 
that  at  any  time  prior  to  60  days  from  date  of  said 
purchase  U.  S.  Steel  advanced  to  50,  you  could  close 
the  transaction  and  your  profit  would  amount  to 
$737.50,  less  the  original  cost  of  the  privilege  and 
broker's  commission  for  buying  and  selling  100  shares 
of  stock. 

What  we  wish  to  impress  fully  upon  the  reader  is 
the  fact  that  there  is  really  no  difference  between 
the  two  methods  of  dealing  in  "  Puts  "  and  "  Calls," 
with  the  exception  that  the  London  privileges  are 
sold  at  the  market  price  at  the  time  of  making  sale, 
and  you  pay  a  larger  price  for  them,  while  American 
"  Puts  "  and  "  Calls  "  are  usually  sold  at  from  one  to 
three  or  even  more  points  away,  at  a  cheaper  rate. 
The  London  plan  is,  however,  becoming  a  favorite  in 
Wall  Street,  and  the  probability  is  that  more  trading 
in  "Puts"  and  "Calls*"  at  the  market  will  be  seen 
hereafter. 

Previous  to  the  great  bull  market  of  1900-01,  a 
great  many  Wall  Street  operators  purchased  "  Calls  " 
in  London  on  Northern  and  Union  Pacific,  and  took 
millions  of  dollars  out  of  the  English  speculators  on 
the  big  movement  which  took  place  immediately  suc- 
ceeding our  national  election.  It  has  been  variously 
estimated  that  members  of  the  London  Stock  Ex- 
change lost  in  the  neighborhood  of  $40,000,000  to  far- 
sighted  American  speculators  who  took  advantage  of 
their  privileges,  bought  at  the  market  price  during 
the  September  depression  then  prevailing  here. 


WALL  STREET  GUIDE. 


25 


Trading  in  "  Puts "  and  "  Calls "  is  one  of  the 
safest  plans  under  which  an  outsider  can  speculate. 
You  take  absolutely  no  risk,  with  the  exception  of 
the  amount  of  money  invested,  while  your  profits  are 
sure  to  be  extremely  large  at  times.  Of  course  a 
great  deal  of  your  success  in  your  operations  in 
"  Puts  "  and  "  Calls  "  will  depend  upon  the  brokers 
with  whom  you  deal,  and  the  attention  that  they  give 
to  these  operations,  as  it  is  absolutely  necessary  to 
take  advantage  of  the  full  benefits  to  be  derived 
from  these  privileges.  If  you  are  dealing  with  a  re- 
sponsible house,  you  will  have  no  reason  to  complain  on 
that  score,  as  it  is  to  the  interest  of  the  broker  ^o  look 
after  his  customer's  welfare  in  every  manner  possible. 

Another  plan  which  offers  many  advantages  to  the 
speculator  is  to  purchase  "  Puts "  and  "  Calls "  to 
trade  against.  In  other  words,  if  you  are  going  to 
buy,  say  100  U.  S.  Steel,  and  you  can  buy  a  "  Put " 
on  100  shares  of  Steel  at  the  market  price,  or  even  one 
or  two  points  below  the  present  market  price,  this 
privilege  will  be  considered  the  same  as  margin  by 
your  broker,  and  in  case  of  the  market  declining 
below  the  price  at  which  the  "  Put "  is  given,  you  will 
suffer  no  further  loss,  nor  would  you  be  called  upon 
for  additional  margin,  no  matter  how  low  the  stock 
might  go.  You  would  merely  be  out  the  difference 
between  the  price  at  which  you  bought  and  the  price 
at  which  the  "  Put "  is  good,  and  the  cost  of  the 
privilege.  In  other  words,  the  "  Put "  would  act  as 
margin  from  the  point  at  which  it  is  given.  The 
same  plan  can  be  worked  in  operating  on  the  short 
side  of  the  market,  only  that  in  selling  the  stock 
short  you  would  buy  a  "  Call "  instead  of  a  "  Put." 
In  this  way  you  limit  your  loss  and  protect  your 
transaction  against  temporary  fluctuations,  a  "  r'ut  " 
or  "  Call "  acting  the  same  as  margin  from  the  point 
at  which  it  becomes  operative. 

SCALPING. 

A  scalper  is  one  who  operates  for  small  profits, 
and  is  neither  a  bull  nor  a  bear,  excepting  for  short 
periods.  Quick  trades  and  small  profits  is  his  motto. 
He  generally  has  no  opinion  of  the  market,  but  pre- 
fers to  watch  the  operations  of  others.  He  turns 
quickly  when  the  market  turns  against  him  and 
limits  his  loss.  He  does  not  profess  to  know  all 
about  the  markets,  whether  bank  reserves  will  de- 
crease or  increase,  nor  does  he  care.  He  does  know, 
however,  that  when  the  price  of  any  commodity 
advances  very  sharply  it  will  surely  have  a  slight 
reaction,  and  allow  him  to  take  his  profit  on  the 
fractional  decline;  also,  that  when  the  market  de- 
clines it  is  sure  to  react  slightly  in  the  opposite 
direction.    In  this  way,  particularly  when  trading  is 


lively,  he  can  scalp  out  from  one-half  to  one,  two  or 
three  points  several  times  in  the  course  of  a  week, 
but  in  order  to  scalp  successfully  it  is  necessary  to 
be  on  the  ground,  as  you  must  take  advantage  of 
every  turn  of  the  market,  and  if  you  contemplate 
sending  your  own  orders  from  a  distance  you  should 
not  attempt  to  operate  on  this  theory,  but  should 
trade  for  a  long  pull,  and  then  stand  by  your  trades. 

PROSPERITY  NOW  WITH  US. 

This  is  a  bull  country,  and,  the  natural  tendency 
is  toward  enhancement  of  values  of  all  securities,  and 
we  are  just  now  in  the  midst  of  one  of  the  most 
prosperous  periods  with  which  we  have  been  favored. 
Prices  of  securities  probably  look  high,  and  they  are 
if  compared  with  those  of  five  years  ago,  but  condi- 
tions have  materially  changed.  The  silver  agitation, 
which  reached  its  height  in  1896,  is  dead  and  buried, 
and  from  its  grave  arises  a  national  prosperity  such 
as  we  have  never  seen  before  and  such  as  no  other 
country  on  earth  has  ever  experienced.  Of  course  there 
will  be  periods  of  liquidation,  accompanied  by  reac- 
tionary markets,  but  there  is  no  way  by  which  money 
can  be  made  so  rapidly  as  by  careful  and  conservative 
speculation,  particularly  if  one  is  able  to  judge  quite 
accurately  as  to  future  market  movements,  and  by 
paying  close  attention  to  the  action  of  the  insiders 
one  should  be  enabled  to  stop  losses  quickly  when 
wrong,  and,  on  the  other  hand,  when  right  pile  up 
profits  by  buying  or  selling  more,  as  the  case  may 
be,  while  the  market  goes  our  way. 

THE  CHICAGO  BOARD  OF  TRADE. 

The  Board  of  Trade  building  is  one  of  the  attrac- 
tions of  Chicago,  costing  nearly  $2,000,000.  The  mas- 
sive and  beautiful  structure  encloses  one  of  the  finest 
exchange  halls  in  the  world.  Its  superb  offices  are 
supplied  with  every  modern  convenience. 

Chicago  is  the  greatest  market  for  grain  and  pro- 
visions in  the  wrorld,  and  it  is  here  that  the  trade 
in  these  commodities  centres.  Not  only  is  a  con- 
siderable portion  of  the  food  supplies  of  the  American 
people  bought  and  sold  on  the  floor  of  the  Chicago 
Board  of  Trade,  but  foreign  nations  are  largely 
supplied  from  this  source.  P.  D.  Armour,  when  alive, 
was  called  the  greatest  merchant  in  the  world.  He 
was  a  member  of  the  Board,  and  a  large  share  of 
his  business  was  transacted  through  this  institution. 
Marshall  Field,  Lyman  J.  Gage,  N.  K.  Fairbank,  ex- 
Senator  Farwell,  and  scores  of  the  representative 
business  men  of  this  representative  American  city 
are  honored  members.  There  is  no  similar  institu- 
tion anywhere  on  the  face  of  the  earth  with  a  higher 
standing  for  commercial  integrity. 


CHICAGO  BOARD  OF  TRADE. 


WALL  STREET  GUIDE. 


27 


WHEAT,  CORN,  OATS,  RYE,  PORK,  LARD,  AND  RIBS. 

CASH  PRICES  FOR  TWO  YEARS. 

The  following  table  exhibits  the  opening,  highest,  lowest,  and  closing  cash  prices,  on  the  regular  market,  for 
the  articles  named  in  store  (monthly)  for  1901,  and  the  highest  and  lowest  prices  for  1900  : 

Regular  Wiieat. 


1901.- 


Months.  Opening.  Highest. 

January   $0,741  $0.76§ 

February   0.72£  0.74| 

March   0.741  0.761 

April   0.741  0.741 

May   0.721  0.751 

June   0.75  0.771 

July   0.65f  0.71f 

August   0.67f  0.77 

September   0.691  0.71 

October   0.681  0.71* 

November   0.70  0.73| 

December   0.73  0.791 


Lowest. 

$0.71f 
0.721 
0.731 
0.69* 
0.70 
0.65* 
0.631 
0.66f 
0.681 
0.66| 
0.70 
0.73 


Closing. 

$0,731 
0.741 
0.751 
0.721 
0.74f 
0.65* 
0.67| 
0.691 
0.68f 
0.70| 
0.73 
0.781 


Highest. 

$0,671 
0.671 
0.67 
0.67| 
0.67| 
0.871 
0.811 
0.761 
0.79| 
0.77| 
0.741 
0.74f 


1900. 


Lowest. 

$0,611 
0.631 
0.64 
0.64| 
0.63| 
0.651 
0.74 
0.71| 
0.721 
0.71f 
0.69| 
0.691 


No.  2  Corn. 

January   $0,361  $0.37£  $0.36  $0,371  $0.31§  $0,301 

February   0.371  0.40  0.371  0.391  0.341  0.3H 

March   0.391  0.44  0.39  0.44  0.381  0.33| 

April   0.43  0.48  0.41  0.47£  0.401  0.381 

May   0.49  0.58*  0.42f  0.43|  0.401  0.36 

June   0.44  0.44|  0.41  0.43|  0.431  0.37$ 

July   0.441  0.581  0.431  0.541  0.44|  0.38f 

August   0.54f  0.591  0.53|  0.54f  7.411  0.371 

September   0.541  0.59f  0.541  0.551  0.431  0.381 

October   0.551  0.58  0.54f  0.57f  0.41|  0.36^ 

November   0.57|  0.631  0.571  0.62  0.49*  0.35 

December   0.631  0.671  0.621  0.63  0.401  0.351 

No.  2  Oats. 

January   $0,231  $0,241  $0,231  $0.24  $0.23  $0,221 

February   0.241  0.251  0.241  0.25  0.23|  0.221 

March   0.25  0.261  0.24|  0.261  0.241  0.23 

April   0.26  0.271  0.25*  0.27  0.251  0.23 

May   0.28  0.31  0.271  0.281  0.23f  0.211 

June   0.28|  0.28f  0.27  0.28  0.261  0.21| 

July   0.27|  0.39  0.271  0.34  0.24|  0.211 

August   0.341  0.371  0.331  0.341  0.22|  0.21 

September   0  34  0.36|  0.33|  0.351  0.221  0.211 

October   0.34|  0.37f  0.341  0.37f  0.22f  0.21| 

November   0.37f  0.441  0.371  0.421  0.221  0.21f 

December   0.421  0.481  0.42  0.451  0.22|  0.21f 

No.  2  Rye. 

January   $0.49  $0.49£  $0,471 

February   0.48f  0.501  0.481 

March   0.50  0.511  0.491 

April   0.501  0.53  0.48| 

May   0.511  0.54  0.511 

June   0.52*  0.53  0.46f 

July   0.47  0.57  0.47 

August   0.55  0.60  0.52 

September   0.53  0.56  0.521 

October    0.54  0.56  0.531 

November   0.541  0.61  0.541 

December   0.59  0.65$  0.59 


$.48 

$0.52 

$0.50 

0.50 

0.551 

0.51 

0.51 

0.55 

0.521 

0.51 

0.55* 

0.53 

0.521 

0.561 

0.53 

0.47 

0.62 

0.52f 

0.541 

0.58 

0.50 

0.531 

0.511 

0.48 

0.55 

0.531 

0.501 

0.541 

0.521 

0.471 

0.59 

0.48 

0.441 

0.65f 

0.491 

0.45f 

WALL  STREET  GUIDE.  29 


Mess  Pork. 


1901.  N  (  1900.-  


Months. 

O  rkP  ninor 

Highest. 

Lowest. 

Closing. 

419  firt 

41  •";  no 
jpio.uu 

s  1  9  fiO 

*i1 1  791 

41 1\  on 

O  In  Of: 
J$  10.O9 

1  Q  n"71 

1  A   1  Ft 

1  •>.  / 

lo.UO 

1  1   1  A 
11.10 

10.50 

IV /f  „  . 

1  Q  Oft 

10. oO 

1  Q  CM  I 

LO.Ou 

1>5.  <9 

10.50 

\pril 

13  50 

15. 55 

14.10 

14.50 

13.25 

12.45 

Mav   

  14.85 

15.20 

14.45 

14.65 

12.10 

1L20 

  14.65 

14.90 

14.50 

14.62* 

12.85 

11.05 

July  

  14.55 

14.60 

13.73 

14.00" 

12.75 

11.55 

  14.30 

14.50 

13.70 

14.35 

12.20 

10.90 

 14.40 

15.05 

14.35 

14.70 

12.30 

10.85 

  14.65 

14.65 

13.40 

13.50 

16.00 

11.50 

  13.80 

15.25 

13.75 

15.15 

11.50 

10.37* 

  15.30 

16.10 

15.10 

15.85 

11.88* 

11.00 

Lard. 


 $6.95 

$7.50 

$6.90 

$7.35 

$6.05 

$5.72* 

  7.37* 

7.52* 

7.35 

7.40 

6.07* 

5.65 

  7.35 

8.35 

7.35 

8.32*. 

6.55 

5.70 

  8.42* 

8.62* 

8.10 

8.10 

7.35 

6.45 

Mav    

  8.17* 

8.27* 

7.85 

8.20 

7.07* 

6.72* 

  8.15 

8.80 

8.15 

8.62* 

7.07| 

6.47* 

July  

  8.62* 

8.70 

8.40 

8.65 

6.90 

6.60' 

  8.67* 

8.97* 

8.55 

8.95 

6.90 

6.60 

  8.95 

10.25 

8.95 

9.95 

7.20 

6.67* 

  9.92* 

9.97* 

8.60 

8.60 

7.40 

6.77* 

  8.60 

9.60 

8.47* 

9.55 

7.25 

6.85 

  9.55 

10.15 

9.37* 

9.95 

7.22* 

6.75 

Short  Rib  Sides. 


 $6.55 

$7.30 

$6.40 

$6.87* 

$5.95 

$5.40 

  6.85 

7.30 

6.85 

6.97* 

6.15 

5.60 

  6.95 

8.20 

6.90 

8.12* 

6.90 

5.65 

  8.15 

8.40 

8.00 

8.15 

7.40 

6.55 

  8.20 

8.40 

7.80 

7.87* 

6.90 

6.35 

..........  7.90 

8.25 

7.75 

8.05 

7.30 

6.30 

July  

  8.00 

8.10 

7.75 

7.90 

7  30 

6.50 

  7.90 

8.45 

7.70 

8.40 

7.40 

6.75 

  8.40 

9.10 

8.30* 

8.85 

8.35 

7.05 

  8.77*. 

8.90 

7.85 

7.95 

8.35 

6.40 

  7.90 

8.45 

7.75 

8.40 

7.75 

6.50 

  8.35 

8.70 

8.15 

8.52* 

7.00 

6.25 

The  following  table  shows  the  dates  on  which  the  highest  and  lowest  prices  were  reached  in  1 901 


Articles.  Highest.  Lowest. 

Regular  Wheat . .  Dec.  9,     $  0.79*.  July  9,    $  0.63^ 

No.  2  Corn   Dec.  26,      0.67*  Jan.  3,  0.36 

No.  2  Oats   Dec.  7,       0.48*.  Jan.  2,  0.234; 

No.  2  Rve   Dec.  26,      0.65|  June  29,  0.46| 

Timothy  Seed  . . .  Dec.  7-31,    6.55  Mav  27-31,  3.35 

No.  1  Flax   July  12,      1.90  Sept.  5,  1.38 


Articles.  Highest.  Lowest. 

No.  1  Northwest. . .  July  12,  $1.90  Sept.  5,  $1.40 

Prime  Clover   Feb.  8-11,  11.50  Sept.  9,  8.25 

Mess  Pork  March  20,  16.80  Jan.  2,  12.60 

Lard   Sept.  20,    10.25  Jan.  2,  6.90 

Short  Rib  Sides. . . .  Sept.  23,     9.10  Jan.  2,  6.40 


TABLE  OF  FRACTIONAL  POINTS  IN  LARD. 


Profit. 

2>\  cents  per  100  pounds 
5 

10 
15 


Tierces. 

Amount 
Profit. 

Profit. 

Tierces. 

Amount 
Profit. 

250 
250 
250 
250 
250 

$21  25 
42  50 
63  75 
85  00 

127  50 

20  cents  per  100  pounds  

25        "  "   

50        •«  "   

100        "  "   

250 
250 
250 
250 

$170  00 
212  50 
425  00 
850  00 

WALL  STREET  GUIDE. 
TABLE  OF  FRACTIONAL  POINTS  IN  GRAIN  AND  PORK. 


31 


Grain. 
Fractional  Profit. 


l. 

8 

X 
4 

a 

8 

X 

s 
a 

4 

z 

8 
1 

2 
5 
10 


per  cent,  on 


Bushels. 

Amount 
Profit. 

K  fiflft 

o,uuu 

<&(i  OK 

e;  AAA 

1  O  Hft 
1/0  «)U 

5,000 

18  75 

5,000 

25  00 

5,000 

31  25 

5,000 

37  50 

5,000 

43  75 

5,000 

50  00 

5,000 

100  00 

5,000 

250  00 

5,000 

500  00 

Pork. 
Fractional  Profit. 


2\  cents  per  barrel  on 
5 

10 

m 

15 

m 

20 
25 
50 
100 


Barrels. 

Amount 
Profit. 

250 

$6  25 

350 

12  50 

250 

18  75 

250 

25  00 

250 

31  25 

250 

37  50 

250 

43  75 

250 

50  00 

250 

62  50 

250 

125  00 

250 

250  00 

HOW  TRADING  IS  CONDUCTED  ON  THE 
CHICAGO  BOARD  OF  TRADE. 

There  is  a  widespread  misunderstanding  in  regard 
to  transactions  on  the  Board  of  Trade,  which  arises 
from  ignorance  of  its  rules,  many  uninformed  persons 
believing  that  no  property  passes  on  these  purchases 
and  sales;  and  yet  the  rules  of  the  board  not  only 
contemplate  the  actual  delivery  of  all  property 
bought  and  sold  upon  the  floor,  but  have  also  made 
provision  and  prescribed  penalties  for  all  damages 
that  may  arise  in  case  of  non-delivery  upon  the  ma- 
turity of  a  contract. 

A  Board  of  Trade  contract  matures  on  the  last 
day  of  the  term  mentioned  in  the  contract,  and  all 
transactions  made  between  members  for  the  purchase 
or  sale  of  grain,  seeds,  or  provisions  on  the  floor  of 
the  Board  of  Trade  are  contracts  under  its  rules. 

In  order  to  facilitate  business,  transactions  between 
members  may  be  settled  through  the  Clearing  House 
of  the  board,  when  two  members  have  purchases  and 
sales  coming  from  one  and  going  to  the  other,  of  the 
same  article  and  for  the  same  term  or  time.  In  these 
cases  settlement  between  the  two  can  be  made  at  any 
time  by  an  adjustment  of  the  difference  in  prices 
through  the  Clearing  House,  thus  avoiding  the  trouble 
and  time  involved  in  receiving  and  paying  for  the 
property  bought,  and  immediately  tendering  it  upon  a 
sale  to  the  same  party  who  delivered  it,  and  taking 
his  check  in  return  therefor.  To  receive  property 
and  give  a  check  for  it,  then  immediately  deliver  it  to 
the  same  party  it  was  received  from  on  a  sale  made 
to  him,  and  take  his  cash  in  payment,  would  be 
ridiculous  in  the  extreme,  when  the  difference  be- 
tween the  two  prices  settles  the  two  transactions. 
These  settlements  are  precisely  like  those  of  bankers 
in  their  clearings  with  each  other,  where  a  cashier's 
check  is  given  for  a  balance  that  may  be  due,  instead 
of  passing  large  sums  first  to  one  and  then  another. 

The  actual  property  sold  must  be  delivered  on  all 


unsettled  sales  on  the  last  business  day  of  the  term 
or  month  mentioned  in  the  contract,  unless  previously 
sold;  and,  as  already  stated,  the  rules  of  the  board 
provide  that  a  defaulter  shall  pay  the  full  measure  of 
damages  that  may  result  to  the  purchaser  for  such 
non-delivery. 

It  is  legitimate  fcr  a  dealer  in  the  country  to  con- 
tract with  a  farmer  for  a  part  or  the  whole  of  his 
growing  or  future  crop,  to  be  delivered  on  a  certain 
date  or  within  a  certain  month,  and  the  payment  of 
a  small  part  of  the  purchase  money  binds  the  con- 
tract, and  the  courts  protect  both  the  purchaser  and 
the  seller  by  compelling  the  fulfilment  of  the  con- 
tract— one  to  deliver,  the  other  to  receive.  The  Board 
of  Trade  simply  provides  a  way  to  do  at  Chicago 
that  which  no  one  questions  as  right  and  proper  in 
the  country,  the  margin  required  being  not  only  to 
protect  against  losses  by  fluctuations  in  prices,  but 
as  "  earnest  "  or  "  part  purchase  money,"  to  insure 
the  fulfilment  of  the  contract  between  all  the  par- 
ties interested,  the  margin  itself  being  evidence  of  an 
existing  contract. 

The  large  volume  of  grain  and  provisions  actually 
delivered  on  sales  on  the  first  working  day  of  each 
month  is  simply  a  delivery  of  purchases  and  sales 
made  for  future  delivery  on  a  previous  date,  and 
quite  a  large  proportion  of  the  shipments  to  sea- 
board and  other  markets  is  purchased  weeks,  and 
sometimes  months,  beforehand. 

Before  executing  an  order,  a  remittance  is  required 
by  all  commission  merchants,  for  protection  against 
changes  in  the  market,  and  this  remittance  is  called 
"  margin."  This  remittance  should  accompany  or 
precede  each  order,  and  should  be  Chicago  exchange, 
payable  to  your  broker.  When  additional  margins 
are  required  on  account  of  fluctuations  in  prices,  cus- 
tomers are  advised  of  the  amount  needed  in  case 
they  do  not  wish  their  transactions  closed  when  the 
margin  in  hand  is  about  exhausted.  This  additional 
margin  should  be  immediately  deposited  with  a  bank 
at  your  place,  to  your  broker's  credit,  and  the  cashier 


WALL  STREET  GUIDE. 


33 


instructed  to  advise  the  broker  by  telegram  of  the 
amount  so  deposited.  In  case  you  do  not  wish  to 
deposit  with  a  bank,  advise  the  broker  at  once,  as  he 
will  then  endeavor  to  call  on  the  customer  in  time 
to  remit  by  mail  exchange  or  currency  by  express. 
Bear  in  mind,  however,  that  the  additional  margin, 
if  required,  should  be  with  the  broker  before  the 
margins  already  in  his  hands  are  exhausted. 

EXPLANATORY. 

If  you  expect  advances  in  the  price  of  anything,  of 
course  you  wish  to  buy  it,  so  that  you  may  sell  out 
higher.  You  order  your  broker  to  buy,  say  5,000 
bushels  of  May  wheat.  You  deposit  with  him,  in 
advance,  a  margin  of  3  to  5  cents  a  bushel;  that  is, 
from  $150  to  $250.  He  then  executes  your  order  at 
the  market  price,  or  waits  for  a  certain  specified  price 
called  a  "  limit,"  if  you  so  desire.  Suppose  he  buys 
your  wheat  at  64%.  His  complete  commission  for 
buying  and  selling  will  be  %  cent  per  bushel,  so 
that  your  wheat  will  therefore  stand  you  64%,  plus  %, 
equals  65. 

WHEN  THE  MARKET  GOES  YOUR  WAY. 

Say  you  have  put  up  a  3-cent  margin,  or  $150.  If 
the  market  continues  around  or  above  64%,  you  do 
not  have  to  put  up  any  more  margin.  If  the  price 
goes  up,  you  can  make  a  profit  by  ordering  your 
broker  to  sell  5,000  bushels  of  May  wheat.  Suppose 
he  sells  at  66.  You  make  the  difference  between  the 
purchase  price,  64%,  and  the  selling  price,  66,  being 
1%  cents  on  each  bushel.  On  5,000  bushels  this 
amounts  to  $56.25,  but  the  broker's  commission  of  % 
cent  a  bushel,  or  $6.25,  comes  out  of  this,  leaving  your 
net  profit  $50,  which  the  broker  immediately  places 
to  your  credit,  and  will  pay  to  you  at  once  if  you 
desire,  and  also  return  your  $150  margin. 

WHEN  THE  MARKET  GOES  AGAINST 
YOU. 

If  the  market  goes  down  a  cent,  instead  of  going  up 
a  cent,  your  margin  of  3  cents  per  bushel  still  keeps 
your  trade  good.  If  the  market  declines  nearly  3 
cents  per  bushel,  your  broker  will,  if  possible,  tele- 
graph you  for  more  margin,  to  protect  against 
further  decline.  This  call  should  be  answered  imme- 
diately, stating  how  much  money  you  have  deposited 
to  the  credit  of  the  broker  or  sent  to  him.  As  a 
rule,  upon  receiving  advices  that  funds  have  been 
deposited  to  his  credit,  the  broker  will  protect  your 
trade.  If  the  market  then  recovers  to  your  purchase 
3 


price,  you  lose  nothing.  If  you  order  your  trade  closed 
out  below  the  purchase  price,  you  lose  the  difference 
between  the  buying  and  selling  price  on  each  bushel 
of  wheat.  If  you  sell  out  at  64V6,  you  lose  %  cent 
on  each  bushel,  or  $18.75  on  each  5,000  bushels,  plus 
$6.25  commission. 

CLOSING  TRADES  AT  LIMIT  OF  FUNDS. 

If  you  fail  to  respond  to  your  broker's  call  for 
margins,  and  the  market  declines  to  the  point  where 
your  margins  are  exhausted,  or  nearly  so,  the  broker 
will  be  compelled  to  close  your  trade  out  in  order  to 
save  himself  from  the  loss  which  would  occur  on  a 
further  decline.  If  your  trade  is  closed  out  exactly  at 
the  exhaust  price,  you  lose  all  the  margins  you  have 
put  up.  You  should  watch  the  market  closely,  and 
always  keep  margined  2  or  3  cents  ahead  of  the  cur- 
rent price.  The  market  may  turn  strong  just  below 
your  exhaust  price,  and  recover  enough  to  save  all 
your  margins  and  make  a  profit  besides.  If  your 
trades  are  closed  out  you  make  nothing  by  a  recovery 
of  the  market,  unless  you  send  new  margins  and  buy 
again. 

A  deposit  must  always  be  kept  with  the  broker, 
larger  than  the  loss  that  would  be  shown  by  all  your 
trades  if  they  were  closed  at  the  market  price.  Failure 
to  do  this  puts  a  great  risk  on  your  broker,  and  he  is 
obliged  and  allowed  by  the  rules  of  the  board  to  close 
all  your  trades  to  prevent  or  stop  this  loss. 

ALL  SUMMED  UP. 

After  buying,  therefore, 

1.  If  the  market  advances  you  can  sell  and  realize 
profits  and  have  margins  released. 

2.  If  margins  are  kept  good  on  all  declines,  and  the 
market  then  advances  above  your  purchase  price,  you 
can  sell,  realize  profits,  and  have  all  margins  released. 

3.  If  the  market  declines  and  you  sell  at  a  lower 
price  than  you  have  bought,  the  loss  will  be  deducted 
from  your  margins  and  the  remainder  returned  to  you. 

4.  If  the  market  declines  so  that  loss  in  your  trades 
equals  the  total  amount  of  funds  in  your  broker's 
hands,  or  nearly  so,  and  you  fail  to  re-margin,  your 
trades  will  be  closed  and  all  your  margins  lost. 

KIND  OF  ORDERS. 

Buying  or  selling  orders  may  be  sent  to  be  exe- 
cuted— 

1.  At  the  market  price  when  the  order  is  received. 

2.  At  a  stated  price  when  the  market  reaches  it, 
if  it  does  reach  it. 


WALL  STREET  GUIDE, 


35 


The  natural  and  correct  way  to  trade  is  to  buy 
or  soil  at  the  market  price.  Then  your  order  will 
be  instantly  executed,  and  you  will  get  into  the 
market  at  the  ruling  price.  Too  many  traders  would 
like  to  buy  a  little  below  the  market,  or  sell  a  little 
above  it.  Therefore  they  send  orders  to  buy  it'  the 
market  goes  down  to  a  certain  price.  This  is  false 
caution.  If  the  market  is  to  go  down,  one  should 
sell  instead  of  buying.  The  giving  of  such  an  order, 
moreover,  often  defeats  the  purchase  entirely.  Peo- 
ple generally  wish  to  buy  when  the  market  is  rising. 
If  an  order  is  given  to  buy  a  little  below  the  ruling 
price,  by  the  time  it  is  received  the  market  has  more 
likely  advanced  a  little  than  declined  a  little,  and  the 
order  cannot  be  executed.  1 

Never  accept  discretionary  orders.  Give  explicit 
directions  at  what  quotation  to  buy  or  sell,  or  to 
place  the  trade  at  market  price  on  receipt  of  the 
order,  and  leave  nothing  to  our  judgment  or  dis- 
cretion. 

TRADING  INSTRUCTIONS. 

Trades  may  be  made  at  any  time  during  the  busi- 
ness hours  of  the  exchange. 

We  receive  and  execute  orders  for  any  option  or 
month  that  is  being  dealt  in  on  the  Board  of  Trade, 
or  for  any  stock  dealt  in  on  the  Xew  York  Stock 
Exchange. 

The  regular  hours  of  the  Chicago  Board  of  Trade 
are  from  9.30  A.M.  to  1.15  P.M..  except  on  Saturday, 
when  the  session  closes  at  12  noon.  The  hours  of 
the  Xew  York  Stock  Exchange  are  from  10  A.M.  to 
3  P.M.,  Xew  York  time,  which  is  equal  to  9  A.M.  to 
2  P.M.,  Chicago  time. 

You  can  send  orders  by  mail,  telephone,  or  tele- 
graph, prepaid. 

Write  your  orders  plainly.    For  example:  ''Buy 

(or  sell)    of    at    margin   

dollars.''" 

When  the  order  is  good  for  more  than  one  day, 
mark  it  "  Open  order." 

When  you  do  not  state  price,  the  order  will  be 
filled  at  the  market  price  when  received. 


Always  remit  with  order,  unless  you  have  a  credit 
balance  in  our  hands.  Remit  by  draft,  money  order, 
express,  or  telegraph. 

Person;)]  checks  cannot,  be  counted  as  cash  until 
collected,  unless  certified  as  good  by  the  bank 
drawn  on. 

We  will  advise  you  immediately  when  a  trade  is 
made  or  closed  for  you,  by  wire  if  you  request,  other- 
wise by  mail. 

Any  trade  may  be  closed  at  any  time  and  profits 
taken,  it  not  being  necessary  to  wait  for  the  delivery 
month  or  for  contract  to  mature. 

All  profits  and  deposits  not  in  use  as  margins  are 
always  subject  to  your  order. 

Your  total  credit  with  us  is  used  to  protect  all 
your  trades,  so  long  as  it  will.  If  not  sufficient,  all 
your  trades  will  be  closed  out  together,  unless  other- 
wise ordered. 

All  transactions  with  us  are  strictly  confidential, 
and  the  business  of  our  customers  is  never  divulged. 

SPECULATION  IN  COTTON. 

The  method  of  speculating  in  cotton  is  by  the  100 
bales  of  500  lbs.  each,  100  bales  weighing  50,000  lbs., 
which  is  the  minimum  amount  dealt  in.  Specula- 
tion is  in  the  future  months,  as  on  the  Board  of 
Trade.  In  the  cotton  markets  of  the  United  States 
the  cent  is  divided  into  one  hundred  parts  or  "  points," 
so  that  a  fluctuation  of  50  "  points  "  is  equal  to  % 
cent  per  pound.  Each  point,  up  or  down,  is  equal 
to  $5  on  each  100  bales.  If  cotton  is  bought  at, 
say  8  cents,  an  advance  of  20  points  would  show  a 
profit  of  $100;  an  advance  of  50  points  (y2  cent 
per  lb.)  would  give  $250  profit  on  each  100  bales. 
An  advance  of  one  cent  a  pound  means  $500  profit  on 
each  100  bales.  In  an  active  cotton  market  profits  or 
losses  accumulate  very  rapidly.  The  cotton  market 
is  an  inviting  field  for  speculation,  on  account  of 
the  frequent  and  wide  fluctuations  in  market  price. 
Ordinary  fluctuations,  except  of  extreme  high  or  low 
level,  range  30  to  50  points,  and  the  buyer  at  low 
prices  has  good  value  for  his  money. 


TABLE  OF  FRACTIONAL  POINTS  IN  COTTON  AND  COFFEE. 


Cotton. 
Fractional  Profit. 


Bales. 


i  n  o- 

1  no 

5 


cent  on . 

or  1  cent 
cents. .  . 


100 
100 
100 
100 
100 
100 
100 
100 


Amount 
Profit. 


$5  00 
10  00 
25  00 
125  00 
250  00 
500  00 
1,250  00 
2,500  00 


Coffee. 
Fractional  Profit. 

2l0-  cent  

&  "   

&  "   

f  H  or  1  cent  

2  cents   

5  "   

10  "  


Bags. 

Amount 
Profit. 

250 

$16  25 

250 

32  50 

250 

81  25 

250 

325  00 

250 

650  00 

250 

1,625  00 

250 

3.250  00 

NEW   STORE  COTTON  EXCHANGE. 


WALL  STREET  GUIDE. 


37 


SPECULATION    IN  COFFEE. 

The  method  of  trading  is  similar  to  that  of  dealing  in  cotton  and  grain  futures.  The  usual  amount  dealt  in  is 
250  bags,  weighing  about  130  pounds  each  ;  fluctuations  are  roTF  of  a  cent  per  pound  ;  each  point  is  equal  to  $10.25 
on  250  bags.  Suppose  a  purchase  of  250  bags  should  be  made  in  January  for  April  delivery,  at  $13  per  bag,  an 
advance  of  one  cent  (20  points)  would  be  a  profit  of  $325  on  250  bags. 


LOWEST  QUANTITIES  AND  MARGINS. 

The  loivest  quantities  and  lowest  margins  received  are  as  follows  : 

MARGINS. 

Wheat,  1,000  bushels,  3  cents  per  bushel  $30  00 

Corn,  5,000  bushels,  3  cents  per  bushel   150  00 

Oats,  5,000  bushels,  3  cents  per  bushel   150  00 

Pork,  250  barrels,  $1.00  per  barrel   250  00 

Lard,  250  tierces,  $1.00  per  tierce   250  00 

Ribs,  50,000  pounds,  50  cents  per  100  pounds   250  00 

New  York  Stocks,  10  shares,  $5.00  per  share     50  00 

Cotton,  100  bales,  $1.00  per  bale   100  00 

These  margins  are  the  least  received,  but  you  can  put  up  as  much  more  as  you  please  when  you  make  the 
trade,  and  you  can  put  up  additional  margins  at  any  time  before  the  margin  already  up  is  exhausted. 

When  exhausted  the  trade  is  at  once  closed  unless  you  advise  that  additional  margins  have  been  sent.  If  you 
have  money  to  your  credit,  same  is  placed  on  the  trade  to  protect  it,  unless  you  have  sent  instructions  not  to  do  so. 


COMMISSIONS. 

These  commissions  pay  for  a  complete  deal,  made  and  closed  : 

Wheat,  Corn,  and  Oats  \  cen^  per  bu^he^ 

Pork    2^  cents  per  barrel. 

Lard  and  Ribs  2£  cents  per  100  pounds. 

Cotton  10  cents  per  bale. 

Stocks  (orders  executed  on  New  York  Stock  Exchange  or  over  Private  Wires).. |  of  1%,  or  $2.50  on  each  10  shares. 
Stocks  (orders  executed  on  Consolidated  Exchange).     of  1%  for  lots  of  from  10  to  40  shares  ;  ^  of  lrr  for  50  shares 
and  upwards. 


WHEAT  CORNER  DAYS. 

Corners  were  run  in  wheat  on  the  Chicago  market 
on  the  following  dates: 

1867 — On  May  IS  prices  were  forced  to  $2.85,  clos- 
ing at  $2. Hi. 

1S71 — In  August  prices  were  advanced  to  $1.30, 
but  closed  at  $1.10%. 

1872 — During  August  wheat  sold  at  $1.61,  and  closed 
at  $1.19. 

1880—  During  May  wheat  sold  from  $1.12  to  $1.19, 
closing  at  $1.14. 

1881 —  In  August  prices  advanced  from  $1.19  to 
$1.38.  and  closed  at  $1.38. 

1SS2 — Corners  were  run  in  April,  dune.  July,  and 
September. 

1887 —  In  June  the  memorable  Cincinnati  combina- 
tion to  corner  wheat  developed.  Prices  were  advanced 
from  80%  cents  to  04%  cents,  but  the  corner  col- 
lapsed and  the  price  declined  to  (IS  cents. 

1888 —  It  was  in  September  when  a  successful  corner 


was  run,  wheat  selling  from  89%  cents  to  $2.  top 
prices  being  reached  on  the  closing  day. 

1898 — The  famous  Leiter  wheat  corner  occurred 
during  the  early  part  of  this  year,  and  was  successful 
for  a  while,  but  collapsed  owing  1<>  Leiter 's  inability 
to  find  a  market  for  the  wheat  he  had  accumulated. 
His  loss  in  the  slump  which  followed  has  been  vari- 
ously estimated  at  from  eight  to  twelve  million 
dollar-. 

ITEMS  OF  INTEREST. 

The  average  cost  of  raising  an  acre  of  wheat  in 
the  United  States  is  $11.69.  In  England  the  average 
cost  is  $38.54.  and  in  India  $3.24  per  acre.  The 
profit  in  England  is  only  48  cents  per  acre. 

The  consumption  of  wheat  per  Capita  in  the  United 
States  is  generally  ealculated  at  4%  bushels,  and  the 
population  is  76.000.000. 

It  is  claimed  that  100  lbs.  of  good  hay  are  equal 
to  45  lbs.  of  wheat.  5!)  lbs.  of  oats,  or  63  lbs.  of  corn, 
for  the  purpose  of  feeding  stock. 


WALL  STREET  GUIDE. 


TO  FIND  HOW  MANY  BUSHELS  ANY  PYRAMIDAL 
HOPPER  WILL  CONTAIN. 

Kule — Multiply  length  by  breadth,  in  feet,  and  then 
multiply  this  by  one-third  the  perpendicular  (not 
slant)  height.  This  product,  being  cubic  feet,  change 
to  bushels  by  multiplying  by  1728  and  dividing  by 
2150.4,  or  multiplying  by  4.")  and  dividing  by  56. 


Example — A  hopper  is  3  feet  square  and  2VS  feet 
high;  how  many  bushels  will  it  contain? 

3  x  3  x  2£  =  21     3  =  7  cubic  feet. 

7  x  1728=12096-=-2150.4=5.0,  or  7  x  45=315-=-56=5.6. 

Note. — The  above  rule  is  based  on  the  supposition 
that  the  hopper  is  in  the  form  of  a  pyramid. 


LEGAL  WEIGHTS  AND  MEASURES. 


(Pounds  per  bushel.) 


Articles. 

Illinois. 

low;) . 

LSCOD  sin. 

Michigan . 

Indiana. 

Missouri. 

New  York. 

Ohio. 

2i 

24 

28 

22 

25 

24 

22 

22 

50 

57 

20 

20 

20 

20 

20 

20 

20 

48 

48 

48 

48 

48 

48 

48 

48 

60 

60 

60 

60 

60 

60 

62 

60 

"  castor  

46 

46 

46 

46 

46 

46 

46 

46 

52 

52 

50 

48 

50 

52 

48 

50 

46 

46 

46 

46 

46 

46 

46 

30 

60 

50 

56 

55 

50 

50 

50 

22 

22 

22 

22 

22 

22 

22 

80 

80 

80 

80 

Coke.  

40 

38 

40 

Corn,  shelled  

56 

56 

56 

56 

56 

56 

56 

56 

70 

70 

70 

70 

68 

70 

70 

68 

48 

48 

48 

50 

50 

50 

50 

50 

33 

40 

33 

"          "       pared  .  . 

23 

23 

28 

28 

33 

33 

32 

33 

40 

33 

28 

28 

33 

33 

56 

56 

56 

56 

56 

56 

55 

56 

14 

14 

14 

14 

14 

14 

15 

10 

"  clover  

60 

60 

60 

60 

60 

60 

60 

60 

48 

48 

48 

50 

48 

48 

50 

"  millet  

50 

48 

50 

50 

50 

50 

50 

'  orchard  

14 

14 

14 

14 

14 

14 

14 

14 

14 

14 

14 

14 

14 

14 

14 

45 

45 

45 

45 

45 

45 

44 

45 

60 

44 

44 

44 

44 

44 

44 

44 

44 

50 

•JO 

OO 

36 

O  A 

34 

38 

38 

38 

34 

34 

40 

70 

Middlings,  fine  

40 

40 

' '  coarse  

30 

30 

32 

32 

32 

32 

32 

32 

32 

32 

57 

57 

57 

54 

48 

57 

57 

50 

28 

28 

28 

28 

28 

28 

28 

25 

32 

34 

55 

55 

44 

60 

60 

60 

60 

60 

60 

60 

60 

' 1  sweet  

50 

46 

55 

56 

55 

56 

55 

50 

60 

60 

60 

60 

60 

60 

60 

60 

32 

70 

70 

80 

80 

80 

80 

80 

80 

80 

Rve  

56 

56 

56 

56 

56 

56 

56 

56 

50 

50 

50 

50 

50 

50 

50 

50 

55 

50 

56 

56 

50 

50 

56 

50 

Turnips,  rutabaga  

"  white  

55 

55 

56 

58 

55 

50 

55 

60 

42 

42 

Wheat  

GO 

60 

60 

60 

60 

60 

60 

60 

WALL  STREET  GUIDE. 


RELATIVE  COST  OF  HOG  PRODUCTS. 


(These  figures  may  vary  as  situation  changes,  but  are  reliable.    Value  of  products  with  hogs  selling  as  below.) 


Hogs,  Alivo. 

Sides.  Green. 

Shoulders,  Green. 

Hams,  Green. 

Lard,  Tierces. 

i  orK,  tsarrein. 

$3  00 

$3  91 

$3 

00 

$5 

92 

$4 

94 

$8  40 

3  25 

4  24 

o 
6 

25 

6 

42 

5 

33 

9  00 

3  50 

4  56 

•> 

o 

50 

6 

91 

5 

71 

9  59 

3  75 

4  89 

o 
o 

75 

7 

40 

6 

09 

10  18 

4  00 

5  21 

A 

4 

7 

89 

6 

47 

10  77 

4  25 

5  54 

A 

4 

OK 

8 

39 

6 

86 

11  37 

4  50 

5  86 

A 

4 

Kfi 
oU 

8 

88 

7 

24 

11  96 

4  75 

6  19 

A 

4 

Id 

9 

38 

7 

62 

12  55 

5  00 

6  51 

jr 
«) 

Afl 

UU 

9 

87 

8 

00 

13  14 

5  25 

6  84 

5 

25 

10 

37 

y 

39 

13  74 

5  50 

7  16 

5 

50 

10 

86 

8 

77 

14  13 

O    <  O 

i  4H 

5 

75 

11 

45 

9 

15 

14  92 

0  00 

7  81 

6 

00 

11 

87 

9 

53 

15  51 

6  25 

8  14 

6 

25 

12 

34 

9 

92 

16  11 

6  50 

8  46 

6 

50 

12 

83 

10 

30 

16  70 

6  75 

8  79 

6 

75 

13 

32 

10 

68 

17  29 

7  00 

9  11 

7 

00 

13 

81 

11 

06 

17  88 

7  25 

9  44 

7 

25 

14 

31 

11 

45 

18  48 

7  50 

9  76 

7 

50 

14 

80 

11 

83 

19  07 

7  75 

10  09 

7 

75 

15 

30 

12 

21 

19  66 

8  00 

10  41 

8 

00 

15 

79 

12 

59 

20  25 

TO  FIND  THE  FREIGHT  PER  BUSHEL,  AT  ANY  GIVEN  RATE  PER  100  POUNDS. 


Freight 

Wheat  and 

Corn,  Rye 

Barley  anc 

Timothy 
Seed. 

Freight 

Wheat  and 

Corn,  Rye 

Barley  and 

Timothy 
Seed. 

per 

Clover 

and 

Hungarian 

Oats. 

per 

Clover 

and 

Hungarian 

Oats. 

100  lbs. 

Seed. 

Flax  Seed. 

Seed. 

100  lbs. 

Seed. 

Flax  Seed. 

Seed. 

Cents. 

00  lbs. 

5(i  lbs. 

48  lbs. 

45  lbs. 

32  lbs. 

Cents. 

60  lbs. 

56  lbs. 

48  lbs. 

45  lbs. 

32  lbs. 

1 

.6 

.6 

.5 

.5 

.3 

29 

17.4 

16.2 

13.9 

13.1 

9.3 

2 

1.2 

1.1 

1.0 

.9 

.6 

30 

18.0 

16.8 

14.4 

13.5 

9.6 

2* 

1.5 

1.4 

1.2 

1.1 

.8 

31 

18.6 

17.3 

14.9 

14.0 

9.9 

3 

1.8 

1.7 

1.4 

1.4 

1.0 

32 

19.2 

17.9 

15.4 

14.4 

10.2 

4 

2.4 

2.2 

1.9 

1.8 

1.3 

321 

19.5 

18.2 

15.6 

14.6 

10.4 

5 

3.0 

2.8 

2.4 

2.3 

1.6 

33 

19.8 

18.5 

15.8 

14.9 

10.6 

6 

3.6 

3.4 

2.9 

2.7 

1.9 

34 

20.4 

19.0 

16.3 

15.3 

10.9 

7 

4.2 

3.9 

3.4 

3.2  . 

2.2 

35 

21.0 

19.6 

16.8 

15.8 

11.2 

71 

4.5 

4.2 

3.6 

3.4 

2  4 

36 

21.6 

20.2 

17.3 

16.2 

11.5 

8 

4.8 

4.5 

3.8 

3.6 

2.6 

37 

22  2 

20.7 

17.8 

16.7 

11.8 

9 

5.4 

5.0 

4.3 

4.1 

2.9 

371 

22.5 

21.0 

18.0 

16.9 

12.0 

10 

6.0 

5.6 

4.8 

4.5 

3.2 

38 

22.8 

21.3 

18.2 

17.1 

12.2 

11 

6.6 

6.2 

5.3 

5.0 

3.5 

39 

23.4 

21.8 

18.7 

17.6 

12.5 

12 

7.2 

6.7 

•  5.8 

5.4 

3.8 

40 

24.0 

22.4 

19.2 

18.0 

12.8 

12* 

7. 5 

7.0 

6.0 

5.6 

4.0 

41 

24.6 

23.0 

19.7 

18.5 

13.1 

13 

7.8 

7.3 

6.2 

5.9 

4.2 

42 

25.2 

23.5 

20.2 

18.9 

13.4 

14 

8.4 

7.8 

6.7 

6.3 

4.5 

421 

25.5 

23.8 

20.4 

19.1 

13.6 

15 

9.0 

8.4 

7.2 

6.8 

4.8 

43" 

25.8 

24.1 

20.6 

19.4 

13.8 

16 

9.6 

9.0 

7.7 

7.2 

5.1 

44 

26.4 

24.6 

21.1 

19.8 

14.1 

17 

10.2 

9  5 

8.2 

7.7 

5.4 

45 

27.0 

25.2 

21.6 

20.3 

14.4 

171 

10.5 

9.8 

8.4 

7.9 

5.6 

46 

27.6 

25.8 

22.1 

20.7 

14.7 

18 

10.8 

10.1 

8.6 

8.1 

5.8 

47 

28.2 

26.3 

22.6 

21.2 

15.0 

19 

11.4 

10.6 

9.1 

8.6 

6.1 

471 

28.5 

26.6 

22.8 

21.4 

15.2 

20 

12.0 

11.2 

9.6 

9.0 

6.4 

48 

28.8 

26.9 

23.0 

21.6 

15.4 

21 

12.0 

11.8 

10.1 

9.5 

6.7 

49 

29.4 

27.4 

23.5 

22.1 

15.7 

22 

13.2 

12.3 

10.6 

9.9 

7.0 

50 

30.0 

28.0 

240 

22-5 

16.0 

221 

13.5 

12.6 

10.8 

10.1 

7.2 

521 

31.5 

29.4 

25.2 

23.6 

16.8 

23 

13.8 

12.9 

11.0 

10.4 

7.4 

55 

33.0 

30.8 

26.4 

24.8 

17.6 

24 

14.4 

13.4 

11.5 

10.8 

7.7 

571 

34.5 

32.2 

27.6 

25.9 

18.4 

25 

15.0 

14.0 

12.0 

11.3 

8.0 

60 

36.0 

33.6 

28.8 

27.0 

19.2 

26 

15.6 

14.6 

12.5 

11.7 

8.3 

621 

37.5 

35.0 

30.0 

28.1 

20.0 

27 

16.2 

15.1 

13.0 

12.2 

8.6 

65 

39.0 

36.4 

31.2 

29.3 

20. s 

271 

16.5 

15.4 

13  2 

12.4 

8.8 

671 

40.5 

37.8 

32.4 

30.4 

21.6 

28 

16.8 

15.7 

13.4 

12  6 

9.0 

70 

42.0 

39.2 

33.6 

31.5 

22.4 

WALL  STREET  GLIDE. 


43 


DICTIONARY   OF  COMMERCIAL  TERMS 
AND  PHRASES. 

We  are  often  asked  the  meaning  of  words  that 
are  frequently  used  in  connection  with  speculative 
operations,  and  have,  therefore,  prepared  the  follow- 
ing dictionary  of  commercial  terms  and  phrases, 
and  in  doing  so  have  endeavored  to  be  brief  and  to 
the  point,  as  our  space  is  limited. 

Abstract  (of  Title). — A  summary  of  the  documents 
affecting  the  title  to  land:  the  evidence  of  ownership. 

Accommodation  Paper. — A  note  loaned  by  one  per- 
son to  another  when  no  indebtedness  exists,  that  the 
borrower  may  use  such  paper  as  though  obtained 
in  the  regular  course  of  business. 

Account,  Current. — A  running  or  continued  account 
between  two  or  more  parties;  also,  a  statement  of 
the  particulars  of  such  account. 

Acknowledgment. — The  declaration  of  the  maker 
of  a  written  instrument  before  a  competent  officer, 
that  it  is  his  act  and  deed;  also,  such  officer's  certifi- 
cate of  the  declaration. 

Acquittance. — An  agreement  to  discharge  a  party 
from  the  payment  of  money. 

Acts  of  God. — Acts  which  result  from  physical 
causes  and  therefore  cannot  be  prevented;  e.y.,  a 
stroke  of  lightning,  a  tornado,  or  an  earthquake. 

Ad  Valorem. — According  to  the  value.  A  term 
used  to  denote  a  duty  or  charge  laid  upon  goods  at  a 
certain  rate  per  cent,  of  their  value. 

Advances. — Moneys  paid  by  factors  or  agents  on 
the  strength  of  the  principal's  goods  in  their  posses- 
sion. 

Afloat. — The  amount  of  grain  which  has  been  ex- 
ported but  has  not  yet  arrived  at  its  destination. 

Allonge. — A  paper  attached  to  a  bill  of  exchange 
or  note  on  which  to  write  indorsements. 

Anchorage. — Toll  paid  for  each  anchor  cast  while 
a  vessel  is  in  port. 

Annual  Assay. — The  annual  trial  or  test  of  coins, 
by  the  Director  of  the  U.  S.  Mint,  to  ascertain 
whether  the  standard  fineness  is  maintained. 

Annuity. — A  sum  of  money  payable  yearly. 

Appraisement. — A  valuation  made  upon  property 
by  persons  appointed  for  the  purpose. 

Arbitrage  House. — A  firm  that  traffics  in  stocks 
which  bear  different  values  at  the  same  time  in  dif- 
ferent markets. 

Arbitration. — The  settlement  of  disputes  or  claims 
for  damages  between  parties  by  disinterested  per- 
sons. An  arbitration  bond  \<  a  bond  which  obliges 
one  to  abide  by  the  award  of  an  arbitration. 

Argentina. —  Pertaining  to  the  Argentine  Republic 
in  South  America. 


Articles  of  Agreement. — A  written  agreement  or 
the  memoranda  therefor. 

Assess. — To  fix  the  value;  to  fix  shares  of  contri- 
bution, as  of  a  tax,  payment  of  stock,  damages,  etc. 

Assets. — All  of  the  property  belonging  to  a  person 
or  company  applicable  to  the  payment  of  that  per- 
son's or  company's  debts. 

Assignment. — The  transfer  of  the  property  of  a 
bankrupt  to  certain  persons  called  assignees,  in  whom 
it  is  vested  for  the  benefit  of  creditors. 

Atlantic  Ports. — The  four  principal  export  points 
on  the  Atlantic  coast — Boston,  New  York,  Philadel- 
phia, and  Baltimore. 

Attachment. — Taking  into  the  custody  of  the  law 
a  person  or  property  already  before  the  court,  or  of 
one  whom  it  is  sought  to  bring  before  it;  also,  a  writ 
for  the  accomplishment  of  this  purpose. 

Au  Besoin. — In  case  of  need.  A  phrase  in  bills  of 
exchange  naming  a  person  to  apply  to  for  payment 
in  case  payee  refuses. 

Autonomy. — The  state  of  independence. 

Averaging  Out. — Increasing  your  investment  when 
the  market  goes  against  you,  so  that  your  total  line 
may  average  out  with  a  profit  sooner. 

Backwardation. —  (London  Stock  Exchange.)  Con- 
sideration for  the  delay  in  delivering  stocks.  (See 
Contango.) 

Bag.— (See  Sack.) 

Bail. — One  who  becomes  surety  for  another's  ap- 
pearance in  court;  also,  the  security  given  for  the 
release  of  a  prisoner  from  custody. 

Bale. — In  speculative  dealings  a  bale  of  cotton  is 
understood  to  mean  500  pounds,  and  of  hops  180 
pounds.  When  either  commodity  is  sold  for  con- 
sumption the  actual  or  net  weight  of  each  bale  is 
ascertained  and  charged  for. 

Baltic  Ports. — The  ports  of  the  Baltic  Sea,  from 
which  most  of  the  Russian  wheat  is  exported.  For 
this  reason  Baltic  shipments  usually  refer  to  Rus- 
sian wheat. 

Bank  Clearings. — The  aggregate  amount  of  the 
checks  and  drafts  exchanged  between  banks  (mem- 
bers of  a  clearing-house  association)  and  carried  to 
the  manager  of  same  daily  for  an  adjustment  of  the 
differences.  These  balances  are  paid  through  the 
clearing  house.  In  large  cities  less  than  ten  per  cent, 
of  the  commercial  business  is  done  with  currency. 
While  the  '•clearings"  do  not  represent  the  sum 
total  of  the  counter  transactions  of  banks  for  any 
given  time,  they  form  a  good  basis  for  calculation 
as  to  the  comparative  volume  of  trade  from  week  to 
week.  They  more  clearly  indicate  the  growth  or 
shrinkage  of  trade  in  a  city  than  the  actual  amount 
of  business  done. 

Barrel. — The  standard  or  commercial  barrel  of  pork 
is  always  reckoned  at  200  pounds.    It  contains  only 


WALL  STREET  GUIDE. 


45 


190  pounds  of  fresh  or  green  meat,  and  the  addition 
of  brine  usually  brings  the  weight  up  to  220  to  22.5 
pounds.  In  a  barrel  of  flour  there  are  190  pounds, 
of  salt  and  resin  280  pounds,  and  of  cured  fish  200 
pounds.  The  number  of  gallons  in  a  barrel  of 
molasses,  syrup,  oil,  turpentine,  wine,  liquor, 
vinegar,  and  in  fact  any  liquid  varies  from  forty 
to  fifty  gallons.  When  sold  they  are  generally 
gauged  and  the  aetual  contents  specified  in  billing. 
The  same  is  true  of  hogsheads,  pipes,  puncheons, 
tierces,  and  kegs. 

Bear. — A  person  whose  interest  is  to  secure  lower 
prices;  a  "short  seller"  for  a  decline.    (See  Short.) 

Beneficiary  Interest. — Any  benefit,  advantage,  or 
interest  in  a  contract,  as  contradistinguished  from 
a  strict  legal  right. 

Bill  of  Exchange. — An  order  drawn  on  a  person  in 
another  city  or  country  for  the  payment  of  money, 
in  lieu  of  the  same  amount  deposited  with  the 
drawer.  There  are  Foreign  and  Inland  bills  of  ex- 
change; Foreign,  when  drawn  by  a  person  living  in 
one  country  upon  a  person  living  in  another;  Inland, 
when  both  parties  reside  in  the  same  country. 

Bill  of  Lading. — A  receipt  given  by  a  transportation 
company  for  goods  taken  to  be  shipped  as  directed 
by  the  consignor. 

Bill  of  Sight. — A  written  description  of  goods  pre- 
sumably inaccurate  (but  as  precise  as  can  be  given) 
made  by  importers  in  order  that  the  goods  may  be 
landed  for  examination. 

Block. — A  number  of  shares,  say  5,000  or  10,000 
shares,  massed  together  and  sold  or  bought  in  a 
lump. 

Boat  Loads. — Refers  to  canal  boats  and  not  to 
ocean  vessels.  Erie  canal  boats  average  8,000  bushels 
grain  capacity;  hence  the  announcement  that  "ten 
boat  loads  of  grain  were  taken  for  export  "  is  equiva- 
lent to  saying  that  80,000  bushels  were  taken.  The 
lading  or  freight  of  a  sea- going  vessel  is  called  a 
cargo. 

Bonded  Goods. — Merchandise  left  in  charge  of  the 
officers  of  customs  for  the  duties  on  which  bonds 
are  given  at  the  custom  house. 

Bonded  Warehouse. — A  warehouse  in  which  bonded 
goods  are  stored. 

Bonus. — A  premium  given  for  a  loan,  right,  or 
privilege  above  its  prime  or  original  cost. 

Bottomry. — A  contract  in  the  nature  of  a  mortgage 
on  a  ship  or  part  of  a  ship. 

Break. — A  quick,  small  decline. 

Broker. — One  who  executes  orders  for  another  for 
the  purchase  or  sale  of  property;  an  agent. 

Brokerage. — The  business  of  buying  or  selling 
property  for  others;  also  the  fee  or  commission 
charged  for  transacting  such  business. 

Bulge. — A  quick,  small  advance. 


Bull. — A  person  whose  interest  it  is  to  secure  higher 
prices;  a  buyer  for  an  advance. 

Bullion. — Uncoined  gold  and  silver  in  the  ma>> 
Bushel. — The  number  of  pounds  in  a  bushel  of  the 
various  articles  of  commerce  is  fixed  by  law  in  the 
different  States.  Although  not  uniform,  il  is  nearly 
so.  In  Illinois  a  legal  bushel  of  anthracite  coal  or 
quicklime  contains  80  pounds;  corn  in  the  ear,  70; 
wheat,  white  beans,  potatoes,  dried  peas,  and  clover 
seed,  60;  onions,  57;  shelled  corn,  rye,  and  flax  seed 
56;  fine  salt,  sweet  potatoes,  turnips,  parsnips,  and 
carrots,  55;  buckwheat,  52;  millet  seed,  coarse  salt 
and  hickory  nuts,  50;  barley,  cornmeal,  and  Hun- 
garian seed,  48;  castor  beans  and  broom-corn  seed, 
46;  timothy  seed,  45;  hemp  seed,  44;  coke  and  fine 
middlings,  40;  barley  malt,  34;  cranberries,  33;  oats 
and  onion  sets,  32;  coarse  middlings,  30;  dried  apples, 
24;  unpared  dried  peaches,  23;  charcoal,  22;  bran,  20; 
and  blue-grass,  red-top,  and  orchard  grass  seed,  14 
pounds. 

Buyer,  30. — Property  bought  subject  to  the  call  or 
demand  of  buyer  within  a  period  of  30  days. 

Buy  In. — The  act  of  purchasing  stock  in  order  to 
meet  a  "  short  "  contract  or  to  enable  one  to  return 
stock  which  has  been  borrowed. 

Buying  on  a  Scale. —  Buying  at  regular  intervals  on 
a  declining  market;  e.g.,  wheat  at  $1  per  bushel,  at 
95  cents,  at  90  cents,  at  85  cents,  al  80  cents,  at  75 
cents. 

By-bidder. — One  who  bids  at  auction  in  behalf  of 
the  owner  for  purpose  of  running  up  the  price  of 
articles. 

Cables. — Cablegrams  quoting  foreign  markets. 
Public  cables  are  those  received  daily  by  the  Chicago 
Board  of  Trade  from  London,  Liverpool,  Antwerp, 
Berlin,  and  Paris  and  publicly  posted  tor  general  in- 
formation. Private  cables  are  those  received  by 
private  commission  houses  from  their  foreign  corre- 
spondents. 

Call. — A  privilege  to  buy  at  a  certain  time  for  an 
agreed  price,  called  the  "  call  price,"  which  is  always 
a  little  above  the  market  price.    (See  Privileges.) 

Call  Loans. — Money  loaned  subject  to  the  call  or 
demand  of  lender.  It  must  be  returned  the  day  it 
is  called  for  before  the  close  of  banking  hours. 

Cambist. — One  who  deals  or  trades  with  commer- 
cial paper;  a  banker. 

Capital  Stock. — The  fund  of  a  corporation  or  trad- 
ing company. 

Carrying  Stock. — To  hold  stock  with  the  expecta- 
tion of  selling  it  at  an  advance. 

Car  Lots. — The  number  of  cars  of  various  grains 
received  and  inspected  daily,  at  Chicago. 

Cash  Grain. — Grain  for  immediate  delivery  or  de- 
livery during  the  current  month. 

Centime. — A  French  and  Belgian  monetary  unit, 


/ 


WALL  STREET  GUIDE. 


47 


being  the  one-hundredth  part  of  a  franc;  it  takes 
about  five  centimes  to  equal  one  cent  of  our  currency 
Quotations  at  Paris  and  Antwerp  are  given  in  cen- 
times. At  Antwerp  the  unit  of  measurement  is  100 
kilos,  equal  to  3.G7  bushels.  In  Paris  it  is  one  hecto- 
litre, equal  to  2.83  bushels. 

Certificate  of  Deposit. — A  promise  or  undertaking 
on  the  part  of  a  bank  to  pay  on  the  return  of  the  cer- 
tificate properly  indorsed.  Certificates  of  deposit  arc 
transferable,  hence  negotiable. 

Certified  Check. — A  check  to  which  the  cashier  of 
a  bank  certifies  in  writing  as  to  the  genuineness  of 
the  signature  of  the  drawer,  and  that  he  has  funds 
on  deposit  sufficient  to  meet  it,  the  bank  reserving 
the  amount  certified,  and  regarding  it  as  having  been 
already  paid,  and  therefore  unavailable  for  other 
use.  A  bank  is  not  obliged  to  certify  a  check,  and 
it  does  so  as  a  matter  of  courtesy  and  accommodation 
to  the  holder.  After  certification,  however,  a  bank 
may  be  held  for  payment,  provided  no  alterations 
have  been  made  in  the  check.  A  certified  check 
stands  on  the  same  footing  as  an  accepted  bill  of 
exchange  so  far  as  the  rights  of  the  holder  are  con- 
cerned. The  bank,  by  act  of  certification,  imparts 
to  the  paper  such  a  character  as  to  rank  it  with  the 
highest  kind  of  commercial  paper. 

Champerty. — A  bargain  whereby  a  person  agrees  to 
carry  on  a  suit  at  his  own  expense  in  consideration 
of  receiving  a  portion  of  the  property  sued  for. 

Chattel  Mortgage. — A  mortgage  on  personal  or 
movable  property. 

Check. — An  order  for  money  drawn  on  the  cashier 
of  a  bank  by  a  depositor,  payable  to  a  person  therein 
named,  or  to  him  or  his  order,  or  to  bearer,  and  pay- 
able instantly  on  demand.  A  forged  check  is  one 
falsely  made  out  and  with  a  depositor's  name  forged 
as  a  signature.  A  raised  check  is  one  properly  writ- 
ten and  signed  originally,  but  having  the  amount  it 
calls  for  altered  or  increased  by  some  person  into 
whose  hands  it  falls  before  presentation  at  bank. 

C.  I.  F. — Cost,  freight,  and  insurance. 

Clearances. — Grain  and  flour  shipped  by  water  from 
lake  or  seaports.    In  a  broader  sense,  all  seaports. 

Clearing  House. — An  organization  for  the  settle- 
ment of  balances  between  members.  Usually  applied 
to  banks. 

Clientele. — The  following  or  all  of  the  persons  who 
habitually  make  use  of  the  services  of  some  other 
person  to  act  as  their  broker;  a  body  of  supporters. 

Clique. — A  combination  of  persons  to  "  run  a  deal " 
or  manipulate  a  market.  Usually  applied  to  stocks, 
grain,  and  provisions. 

Coalers. — Coal  roads.  A  term  usually  employed  on 
stock  exchanges  to  describe  the  Reading,  Delaware, 
Lackawanna  and  Western  and  Jersey  Central  Rail- 
roads. 


C.  0.  D.— Collect  on  delivery. 

Codicil. — An  addition  or  supplement  to  ;i  will. 

Collateral  Security.  Security  tor  the  payment  of 
money  or  the  performance  of  covenants  in  addition 
to  a  principal  promise  or  bond.  Example:  A  ware 
house  receipt  or  a  paid-up  insurance  policy  given  as 
security  for  the  payment  of  a  promissory  note  would 
be  collateral. 

Commissions. — Charges  for  services  rendered  in 
buying  or  selling  property. 

Common  Carrier. — One  who  undertakes  to  trans- 
port goods  for  hire.  Such  a  carrier  is  liable  for  all 
losses  and  injuries  to  goods  except  those  resulting 
from  the  acts  of  God,  or  the  enemies  of  the  country, 
or  the  carelessness  of  the  owner  of  the  property  him- 
self. 

Common  Stock. — The  ordinary  shares  in  a  corpora- 
tion.   (See  Preferred  Stock.) 

Commutation  Tickets. —  Tickets  sold  by  transpor- 
tation companies,  entitling  the  holder  to  go  upon  a 
certain  route  during  a  specified  period  for  a  less 
amount  than  would  be  paid  in  the  aggregate  for 
separate  trips. 

Consequential  Damages. — Indirect  loss  or  damage; 
damages  which  are  not  the  immediate  result  of  an 
act. 

Conservator. — One  who  has  charge  of  the  estate  or 
business  of  another;  a  guardian. 

Consign. — To  send  goods  or  property  to  an  agent 
or  broker.  The  sender  of  the  goods  is  a  consignor; 
the  receiver  is  a  consignee,  and  the  goods  or  things 
sent  are  a  consignment. 

Consols. — A  contraction  of  "  consolidated."  It  rep- 
resents the  consolidation  of  Great  Britain's  bonded 
debt,  and  is  the  leading  English  funded  government 
security. 

Contango. —  (London  Stock  Exchange.)  A  rate  paid 
for  carrying  shares  over  until  next  settlement  day. 
When  a  broker  desires  to  "continue  shares"  or  to 
postpone  the  day  of  payment  or  delivery,  the  pre- 
mium paid  is  called  in  the  seller's  case  "  backwarda- 
tion "  and  in  the  buyer's  case  "  contango." 

Contract  Grade. — That  grade  of  grain  which  it  is 
necessary  to  deliver  in  order  to  fill  future  contracts. 
In  Chicago  this  is  No.  2  wheat  and  No.  2  corn. 

Conversion. — Bonds  are  frequently  issued  with  a 
provision  whereby  they  can  at  any  moment  be  ex- 
changed for  equivalent  stock.  Such  securities  are 
called  "  convertible,"  and  the  act  of  substitution  is 
called  "  conversion." 

Corner. — An  artificial  scarcity  created  by  holding 
property  off  the  market  for  the  extortion  of  abnor- 
mally high  prices. 

Corporation. — A  society  or  company  of  individuals 
formed  and  authorized  by  law  to  transact  business 
under  a  charter  or  franchise,  as  a  single  person. 


WALL  STREET  GUIDE. 


40 


Covering  Shorts. — Buying  in  property  to  fill  con- 
tracts (usually  for  future  delivery)  previously  made. 

Creditors. — In  a  broad  sense,  all  persons  having 
claims  against  a  firm  or  individual. 

Cross  Trade. — Under  Board  of  Trade  rules  it  is  not 
considered  legitimate  for  a  commission  house  to  fill 
orders  for  customers  by  buying  or  selling  to  itself.  It 
often  happens,  however,  that  a  house  receives  orders 
from  different  parties — one  to  buy  and  the  other  to 
sell,  at  the  same  price,  an  equal  amount  of  property. 
In  a  wild  market  it  might  be  impossible  to  execute 
both  orders  when  the  limits  were  reached.  To  pro- 
vide against  such  a  contingency,  to  insure  the  filling 
of  both  orders,  and  at  the  same  time  to  legalize  the 
transactions,  it  is  customary  for  the  broker  to  make 
a  nominal  purchase  and  sale  through  another  com- 
mission house.  The  transactions  are  known  as  "  cross 
trades,"  and  are  entered  on  the  trading  cards  of  the 
two  brokers  as  distinct  trades. 

Crown. —  (Denmark,  Sweden,  and  Norway)  :  A  coin 
equal  in  value  to  26.9  cents.  (Austria-Hungary): 
A  coin  valued  at  20.3  cents.  Crowns  are  no  longer 
coined  by  Great  Britain. 

Curb. — Prices  made  by  private  transactions  out- 
side of  the  exchanges  or  not  in  trading  hours  are  called 
curb  markets. 

Current  Funds. — Coin  or  paper  money  in  general 
circulation  through  the  community. 

Custom  House. — The  buildings  where  customs  and 
duties  are  paid  and  where  vessels  are  entered  or 
cleared. 

Customs.— Duty  charged  on  property  brought  into 
or  sent  out  of  a  country. 

Cwt. — An  abbreviation  for  hundred-weight.  In  the 
United  States  it  is  commonly  understood  to  mean 
100  pounds  avoirdupois.  In  England  the  legal  stan- 
dard for  hundred-weight,  or  cwt.,  is  112  pounds; 
hence  the  English  ton  of  2,240  pounds.  The  ton  of 
2,000  pounds  is  sometimes  called  a  "  short  ton "  or 
"  net  ton." 

d. — An  English  penny,  equal  to  about  two  cents  of 
our  money. 

Days  of  Grace. — The  three  days  immediately  fol- 
lowing the  maturity  of  a  bill  or  note,  allowed  by  law 
in  which  to  make  payment.  Under  the  recent  acts  of 
Legislatures  days  of  grace  in  most  States  have  been 
abolished,  and  all  bills  and  notes  are  payable  at 
maturity. 

Debenture  Bonds. — Concentration  of  floating  cap- 
italization into  convenient  bonded  form.  Originally, 
notes  in  the  form  of  bonds. 

Debtor. — A  person  who  owes  another. 

Delivery. — When  stock  is  brought  to  the  buyer  in 
exact  accordance  with  the  rules  of  the  Stock  Ex- 
change, it  is*  called  a  "  good  delivery."  When  there 
are  irregularities,  the  shares  being  of  unacceptable 
4 


issues,  or  the  rules  of  the  exchange  being  contra- 
vened in  some  particular,  the  delivery  is  pronounced 
"bad,"  and  the  buyer  can  appeal  to  the  board;  also 
when  warehouse  receipts  for  grain  are  delivered  in 
fulfilment  of  contracts. 

Demurrage. — Charges  made  for  the  delay  or  deten- 
tion of  railroad  cars  and  vessels  beyond  the  time 
usually  allowed  for  loading  or  unloading. 

Derogation. — An  alteration  of,  or  subtraction  from, 
a  contract  for  a  sale  of  stocks. 

Discount  Rate. — The  rate  per  cent,  of  interest 
charged  by  banks  for  the  use  of  money  loaned.  It 
is  always  deducted  from  the  principal  when  the  loan 
is  made. 

Dishonor. — To  refuse  to  accept  or  pay  a  draft  or 
bill  of  exchange. 

Distrain. — To  take  property  in  satisfaction  of  a 
debt,  usually  for  rent  due. 

Dividends. — Returns  on  investments.  A  term  usu- 
ally applied  to  stocks. 

Draft. — An  order  from  one  bank  or  individual  upon 
another  for  the  payment  of  money.  The  term  may 
be  used  to  describe  a  check,  but  is  usually  applied 
to  an  inland  bill  of  exchange. 

Drawback. — A  term  used  in  shipping  circles.  It 
refers  to  rebates  allowed  from  regular  rates  charged 
for  transportation  of  merchandise. 

Drop. — In  stocks  or  grain,  is  equivalent  to  a 
"  break,"  except  that  it  may  possibly  be  due  to 
wholly  natural  causes. 

Due  Bill. — A  written  acknowledgment  of  a  debt, 
not  made  payable  to  order,  and  not  transferable  by 
indorsement  like  a  promissory  note. 

Dutiable  Goods. — Goods  subject  to  the  payment  of 
a  duty. 

Duty. — A  tax  or  toll  required  by  government  to 
be  paid  on  the  importation,  exportation,  or  consump- 
tion of  goods. 

E,  and  0.  E. — Errors  and  omissions  excepted. 

Earnest. — A  sum  of  money  advanced  by  the  buyer 
of  property  in  order  to  bind  the  seller  to  the  terms 
of  the  agreement. 

Embargo. — An  order  of  government  prohibiting 
the  departure  of  ships  or  goods  from  some  or  all 
of  the  ports  within  its  dominions.  In  a  commer- 
cial sense  property  of  any  kind  is  embargoed  when 
another  country  prohibits  the  landing  of  it. 

Engagements. — The  engaging  of  freight  room  in 
ocean  vessels  to  export  grain. 

Entering. — Entering  goods  at  a  custom  house  is  a 
lodgment  of  a  manifest  of  them  and  permission  to 
land  them. 

Evening  Up. — (See  Liquidation.) 

Exchange.— (See  Bill  of  Exchange.) 

Excise. — An  inland  duty  or  tax  laid  on  goods. 

Exemplary  Damages. — Damages  allowed  as  a  pun- 


WALL  STREET  GUIDE. 


51 


ishment  for  wrongs  done  with  malice,  in  addition  to 
actual  pecuniary  damages. 

Exhaust  Price.— The  point  at  which  one's  margins 
will  If  exhausted,  [f  trades  are  not  remargined  they 
are  likely  to  be  closed  out  by  the  broker  at  the  ex- 
haust price,  if  it  is  reached  by  the  market. 

Ex-Store. — Out-of-store  prices  quoted  "  ex-store  " 
are  for  goods  in  stock,  the  cartage  or  other  shipping 
expenses  to  be  paid  by  buyer.  Opposite  of  "  free  on 
board." 

Failure. — The  distinction  between  the  terms  '"fail- 
ure" and  "suspension"  is  as  follows:  To  fail,  in  a 
financial  sense,  is  to  become  unable  to  meet  one's 
engagements,  and  as  far  as  a  suspension  is  a  failure 
to  pay  liabilities  as  they  become  due,  the  latter  term 
may  be  applied  to  it.  In  common  speech,  however, 
a  temporary  delay  of  payments  by  a  solvent  firm, 
owing  to  a  financial  crisis  in  the  money  market,  or 
to  some  sudden  or  unexpected  embarrassment,  is 
called  a  suspension;  and  absolute  bankruptcy  or  in- 
solvency is  called  a  failure. 

Farthing. —  (Great  Britain.)  A  coin  of  the  value 
of  half  a  cent,  the  fourth  of  a  penny. 

Five  Ports. — The  four  Atlantic  ports  and  New 
Orleans. 

Fixed  Charges. — A  term  used  to  designate  all  regu- 
larly accruing  claims  of  every  kind  upon  the  net 
revenues  of  a  company  or  corporation,  which  the  com- 
pany or  corporation  is  bound  either  by  its  own  stipu- 
lations or  by  process  of  law  to  pay.  It  includes  taxes 
and  interest  on  bonds  or  notes,  but  does  not  include 
dividends  or  income  bonds. 

Flat. — Free  of  interest.  When  gold  or  stocks  loan 
"  flat  "  it  is  because  there  is  such  an  abundance  of 
either  or  both  in  the  market  that  holders  are  willing 
to  loan  them  free  of  interest  in  order  to  get  the 
currency  for  temporary  use,  which  currency  they  are 
able  to  employ  in  other  transactions. 

Florin. —  (Netherlands.)  A  coin  valued  at  40.2 
cents. 

Flotsam. — Goods  which  float  after  being  thrown 
overboard  at  sea  or  in  case  of  shipwreck.  The  goods 
thus  cast  away  are  called  jetsam  or  jettison  if  they 
sink  and  remain  under  water. 

Flyer. — Synonymous  with  "  for  a  turn." 

F.  0.  B. — Free  on  board. 

For  a  Turn. — Said  of  a  speculative  investment  for  a 
small  profit  or  loss.    A  quick  play.    (See  Scalping.) 

Franc. — (France,  Belgium,  and  Switzerland.)  A 
coin  valued  at  19.3  cents. 

Franking  Privilege. — The  privilege  of  sending  mat- 
ter through  the  mails  without  payment  of  postage. 

Frozen  Out. — Said  of  deals  or  trades  closed  out 
compulsorily  because  of  inability  to  further  protect 
contracts  with  remargins.    (See  Margin.) 

Future. — A  term  which  is  synonymous  with  "  op- 


tion "  and  interchangeable  with  it.  Generally  used 
ill  the  plural.     (Sec  Option.) 

General  Average.  A  term  employed  in  marine  in- 
surance. Where  maritime  property  is  in  peril  and  a 
sacrifice  of  a  part  is  made  for  and  causes  the  safety 
of  the  rest,  that  which  is  saved  contributes  to  make 
up  the  loss  of  that  which  is  sacrificed,  and  is  called 
general  average.  Particular  average  signifies  the  dam- 
age to  maritime  property  borne  by  the  individual 
owners  of  the  articles  damaged,  or  by  their  insurers. 

Gilt  Edge. — The  very  best  of  anything;  undoubtedly 
good.  Paper  which  a  bank  would  unhesitatingly  ac- 
cept as  security  for  money  advanced  would  be  "  gilt 
edged." 

Goulds  comprise  Missouri  Pacific,  Union  Pacific, 
Western  Union  Telegraph,  and  the  Southwestern  sys- 
tem of  Pacific  roads  generally. 

Gourde.— (Hayti.)    A  coin  valued  at  96.5  cents. 

Government  Report.— The  monthly  reports  issued 
by  the  Department  of  Agriculture,  usually  on  the  10th 
of  each  month  at  3  P.M.,  on  the  acreage,  conditions, 
and  yield  of  our  various  crops. 

Granger  Roads.— Western  railroads.  This  term  was 
originally  applied  in  Wall  Street  to  the  Chicago  and 
Northwestern  and  the  Chicago,  Milwaukee  and  St. 
Paul  roads,  but  is  now  employed  on  stock  exchanges 
to  designate  all  of  the  principal  lines  in  the  West. 

"  Gunning  "  a  stock  is  to  use  every  art  to  produce  a 
break  when  it  is  known  that  a  certain  house  is  heavily 
supplied  and  would  be  unable  to  resist  an  attack. 

Hard  Spot. — A  strong  point  in  the  market  caused 
by  good  demand. 

Hectolitre. — The  unit  of  measurement  of  grain  in 
France,  one  hectolitre  being  equal  to  2.83  bushels. 

Hedge. — The  operation  called  hedging  by  speculators 
is  practically  the  same  as  straddling,  though  the  terms 
are  not  synonymous.  Traders  hedge  to  avert  a  loss 
and  straddle  for  a  profit.    (See  Straddle.) 

Holding  the  Market  is  to  buy  sufficient  stock  to 
keep  the  price  from  declining. 

Hypothecate. — To  pledge  anything  for  money  bor- 
rowed. 

Incorporated. — Formed  into  a  corporation  or  legal 
body;  as  a  company  for  the  transaction  of  business. 
(See  Corporation.) 

Indemnity. — Exemption  from  loss  or  damage,  past 
or  to  come.  The  owner  of  private  property,  taken  for 
public  use,  is  entitled  to  compensation  or  indemnity. 

Indorse. — To  write  one's  name  either  on  the  back 
or  face  of  a  note,  draft,  or  other  negotiable  paper. 
In  a  broad  sense,  to  give  one's  name  or  support  to; 
to  sanction. 

In  Sight. — Said  of  stocks  of  grain,  cotton,  coffee,  or 
other  merchandise  available  for  immediate  use.  Grain 
stored  in  private  warehouses,  or  held  by  producers, 
is  not  usually  included  in  the  supply  "  in  sight." 


WALL  STREET  GUIDE. 


53 


Insolvent. — Not  having  sufficient  estate  to  pay  one's 
debts. 

Instalment. — A  part  of  a  sum  of  money  to  be  paid 
at  a  particular  time. 

Internal  Revenue. — Taxes,  duties,  customs,  etc., 
which  a  nation  or  state  collects  and  receives  into 
the  treasury  for  public  use. 

Investment  Buying. — This  phrase  is  generally  used 
in  contradistinction  to  buying  for  speculation,  or  for 
a  quick  turn  in  the  market.  It  is  understood  to  mean 
buying  to  hold  for  a  considerable  time. 

Irish  Dividend. — An  assessment. 

Keg. — A  package  or  cask  of  any  size  less  than  one- 
half  barrel.    A  keg  of  nails  contains  100  pounds. 

Kilo. — A  contraction  of  kilogramme.  One  hundred 
kilos  are  equal  to  about  221  pounds;  or,  to  be  exact, 
220.475  pounds. 

Kreutzer.— (German  Empire.)  A  coin  of  variable 
value,  but  in  all  cases  worth  less  than  a  cent. 

Legal  Tender. — That  which  the  law  authorizes  to 
be  tendered  in  payment  of  debts.  Strictly  speaking, 
it  is  the  exact  amount  of  the  debt  in  current  funds. 
It  is  not  a  legal  tender  to  demand  change. 

Liabilities. — Debts. 

Limited. — In  England,  and  in  some  States  in  this 
country,  the  stockholder  in  corporations  and  associa- 
tions are  exempted  from  individual  liability  on  the 
condition  prescribed  by  law  that  the  names  or  titles 
of  such  bodies  shall  contain  the  word  "  limited,"  which 
shall  be  always  used  in  all  business  of  the  concern. 

Liquidating  Market. — The  forced  elimination  of  an 
excessive  long  or  short  interest  in  a  market,  the  shorts 
being  forced  to  cover  at  an  advance  or  the  longs  to 
sell  at  a  decline — in  either  event  bringing  about  a 
readjustment  of  the  volume  of  contracts  within  nor- 
mal conditions.  A  compulsory  re-establishment  of  the 
speculative  equilibrium. 

Liquidation. — When  employed  by  speculators,  this 
term  signifies  the  selling  out  of  property  previously 
bought  or  contracted  for.  The  expression  "  liquida- 
tion by  longs"  is  in  contradistinction  to  ''cover  by 
shorts."  In  a  market  where  both  processes  are  ex- 
tensively carried  on  it  is  called  "  evening  up." 

Lira. —  (Italy.)    A  coin  valued  at  19.3  cents. 

Long. — One  who  has  property  bought  in  anticipa- 
tion of  a  rise  in  price.  Hence,  for  a  trader  to  be 
"long"  of  stocks  or  grain  presupposes  him  to  be  a 
"  bull."    Also  used  adjectively. 

Long  Market. — A  market  that  is  overbought;  the 
volume  of  open  contracts  to  buy  property  for  future 
delivery  being  in  dangerous  excess  of  the  probable 
demand. 

Manipulated  Market.— A  market  under  artificial 
control. 

Margin. — Money  or  collaterals  deposited  with  a 
broker  to  protect  contracts,  usually  for  future  delivery. 


Marine  Insurance. — Marine  insurance  policies  gene- 
rally cover  all  the  risks,  lire  included. 

Mark. —  (German  Empire.)  A  coin  valued  at  23.8 
cents. 

Milreis.— (Brazil) :  A  coin  valued  at  54.0  cents. 
(Portugal)  :  A  coin  valued  at  $1.08.  In  commercial 
usage  the  contraction  reis  is  generally  employed. 

Negotiable. — Said  of  commercial  paper  that  is  trans- 
ferable by  assignment  or  indorsement  to  another  per- 
son. 

Net. — Clear  of  all  charges  and  deductions;  as  net 
profit,  net  weight. 

Nominal. — Existing  in  name  only. 

Northwestern  Receipts. — Receipts  usually  wholly  of 
spring  wheat,  at  Duluth  and  Minneapolis,  the  great 
market  points  for  the  hard  spring  wheat  of  the  Dako- 
tas  and  Minnesota. 

Note. — A  written  or  printed  acknowledgment  of  a 
debt  or  promise  to  pay  at  a  specified  time;  as,  a  note 
of  hand,  a  promissory  note.  A  note  is  not  rendered 
void  in  any  State  in  the  Union  by  reason  of  being 
dated  on  Sunday.  In  Connecticut,  however,  its  de- 
livery or  acknowledgment  on  a  week-day  would  be 
necessary  to  give  it  a  legal  character. 

Off  Coast. — Said  of  vessels  arrived  at  port  and 
awaiting  orders  to  discharge  cargoes  or  to  go  to  an- 
other port. 

On  Call. — When  money  is  loaned  "  on  call  "  it  is 
understood  that  it  must  be  returned  the  day  it  i- 
called  for,  before  the  close  of  banking  hours  and  with- 
out previous  notice. 

On  Passage. — Said  of  grain  and  other  merchandise 
on  the  high  seas,  en  route  from  one  port  to  another. 

Option. — Property  bought  or  sold  at  the  call  or 
demand  of  the  buyer  or  seller,  as  may  be  specified; 
a  conditional  contract. 

0.  T.— On  track. 

Outsider. — The  occasional  speculator  or  trader. 

Overbought. — Said  when  more  property  is  boughl 
than  is  warranted  by  conditions,  entailing  danger  of 
a  reaction  in  prices.  Applicable  to  a  market  or  to 
individuals. 

Overissue. — An  issuing,  as  of  notes,  beyond  or  in 
excess  of  the  capital  stock. 

Oversold.- — The  reverse  of  overbought. 

Overtrading. — Speculation  carried  to  unsafe  limits. 

Paper  Profits. — Profits  on  contracts  not  yet  closed, 
and  consequently  not  yet  in  hand. 

Par. — Of  equal  face  value.  Example:  Exchange  is 
at  par  when  a  bill  in  New  York  for  the  payment  of 
one  hundred  pounds  sterling  in  London  can  be  pur- 
chased for  that  sum. 

Particular  Average. —  (See  General  Average.) 

Pegged. — Said  of  a  market  that  refuses  either  to 
advance  or  to  decline. 

Pence. — The  plural  of  a  penny.    (See  Penny.) 


WALL  STREET  GUIDE. 


55 


Penny. —  (Great  Britain.)  A  eoin  valued  at  about 
two  cents;  the  twelfth  part  of  a  shilling.  Usually 
indicated  by  d. 

Peseta. — (Spain.)    A  coin  valued  at  19.3  cents. 

Peso. —  (Central  American  States):  A  coin  valued 
at  (51.6  cents.  (Chili)  :  A  coin  valued  at  91.2  cents. 
(Argentine.  Republic)  :  A  eoin  valued  at  9G.5  cents. 
(Colombia)  :  A  eoin  valued  at  61.6  cents.  (Cuba)  : 
A  coin  valued  at  92.6  cents.  The  Mexican  silver  dol- 
lar (or  peso)  is  valued  at  GG.9  cents,  and  the  Mexican 
gold  dollar  at  98.3  cents. 

Pfennig. —  (German  Empire.)  A  copper  coin  valued 
at  about  two  mills. 

Piaster. —  (Turkey.)    A  coin  valued  at  4.4  cents. 

Pig. — A  mass  of  iron  or  .other  metal  as  first  ex- 
tracted from  the  ore,  and  weighing  from  fifty  to  two 
hundred  and  fifty  pounds. 

Point. — On  stock  exchanges  "  a  point  "  is  understood 
to  mean  one  dollar  a  share.  A  decline  in  Missouri 
Pacific  from  65  to  62  would  be  a  decline  of  three 
points. 

Pound  Sterling. —  |  £.)  A  British  denomination  of 
money  of  amount  equal  in  value  to  $4.8061/£.  There 
is  no  coin  known  by  this  name,  but  the  gold  sovereign 
is  of  equal  value. 

Preferred  Stock. — Shares  of  a  corporation  having 
preference  over  ordinary  shares,  but  not  over  bonded 
or  mortgage  indebtedness.  Preferred  stock  is  usually 
issued  for  borrowed  capital.  Earnings,  if  any  are  left 
after  paying  interest  on  the  bonded  debt,  go  next  to 
pay  a  dividend  on  the  preferred  stock,  and  only  what 
then  remains  is  applied  to  the  common  stock. 

Primage. — A  small  payment  allowed  to  the  master 
of  a  vessel  for  his  care  and  attention  to  the  cargo. 

Primary  Points. — Large  cities  which  receive  grain 
direct  from  country  shippers,  such  as  Duluth,  Min- 
neapolis, Kansas  City,  St.  Louis,  Chicago,  Detroit, 
Toledo,  etc. 

Primary  Receipts. — The  aggregate  daily  receipts  of 
grain  at  all  primary  points. 

Primary  Shipments. — The  aggregate  daily  ship- 
ments of  grain  from  all  primary  points  to  points  of 
consumption. 

Privileges.—-  Puts  "  and  "  Calls."  A  "  put  "  is  the 
privilege  or  option,  which  a  person  purchases,  of  "  put- 
ting," i.e.,  delivering,  property  or  contracts  for  prop- 
erty to  the  seller  of  such  privilege,  at  a  named  price 
within  a  stipulated  time — one  or  more  days,  weeks, 
or  months.  "  Puts  "  are  good  (from  the  buyer's  stand- 
point) when  the  market  declines  below  the  "put" 
price  within  the  time  covered  by  the  privilege  contract. 
The  buyer  can  then  buy  the  property  at  the  cheaper 
figure  and  "  put  "  it  to  the  person  who  sold  him  the 
risk,  his  profit  being  the  difference  between  the  "  put  " 
price  and  the  quotation  at  which  the  property  is 
bought  with  which  to  make  the  delivery.    A  "  call " 


is  the  reverse  of  a  "put,"  the  purchaser  of  a  "call" 
acquiring  the  right  to  "  call "  upon  the  seller  of  the 
privilege  for  property,  or  contracts  for  property,  at 
a  named  price  within  a  stipulated  time.  "  Calls  "  are 
good  when  the  market  advances  above  the  call  price, 
and  the  buyer  of  such  privilege  is  enabled  to  sell  at 
a  profit  the  property  u  called "  from  the  seller  of  the 
privilege.  The  seller  of  privileges  occupies,  in  a  sense, 
the  position  of  an  insurance  or  guarantee  company. 
He  sells  market  risks  as  an  insurance  company  sells 
fire,  life,  or  accident  risks.  Trading  in  privileges  is 
illegal  in  some  States,  notably  in  Illinois. 

Promoter. — An  organizer  of  companies  and  enter- 
prises. One  who  plans  the  consolidation  of  properties 
and  their  sale  upon  a  reorganized  basis. 

Prorate. — To  divide,  distribute,  or  assess  propor- 
tionately. 

Protest. — An  official  notification  of  a  notary  public, 
under  seal,  to  the  maker  and  indorsers  of  a  note  or 
draft,  that  payment  has  been  demanded  and  refused, 
thus  holding  each  indorser  legally  liable  for  its  pay- 
ment. Failure  on  the  part  of  a  bank  receiving  paper 
for  collection  to  have  the  same  protested  for  non- 
payment (unless  protest  is  waived)  relieves  the  in- 
dorsers from  liability. 

P.  T.— Private  terms. 

Puts. —  (See  Privileges.) 

Quarter. — The  fourth  of  a  ton  in  weight.  In  Eng- 
land they  reckon  2,240  pounds  to  the  ton;  hence  there 
are  480  pounds,  or  eight  bushels,  in  a  "  quarter "  of 
wheat. 

Quintal. — A  hundred- weight,  either  100  or  112 
pounds,  according  to  the  scale  used.    (See  Cwt.) 

Realizing  Sales. — Selling  property  or  closing  con- 
tracts in  order  to  realize  or  secure  profits. 

Rebate. — The  return  or  repayment  of  a  percentage 
of  an  amount  paid  for  property,  transportation,  com- 
missions, etc. 

Regular  Stock. — The  term  regular  is  used  in  a  stock 
exchange  transaction  to  distinguish  it  from  a  trans- 
action in  the  account.  When  stock  is  sold  regular, 
the  actual  stock  is  delivered  the  following  day  and 
paid  for  by  the  receiving  broker  in  full. 

Rentes. — The  public  securities  of  France  (pro- 
nounced Ronts). 

Replevin. — The  process  or  action  taken  to  recover 
possession  of  goods  or  chattels  wrongfully  detained. 

Reprisal. — Property  taken  by  a  nation  to  satisfy 
the  injury  done  by  an  enemy. 

River  Plate— The  Rio  de  La  Plata  in  South  Amer- 
ica, forming  the  boundary  line  between  Uruguay  and 
Argentina.  The  country  tributary  to  it  is  largely 
wheat-producing,  and  wheat  from  that  locality  i- 
called  in  general  "River  Plate  wheat." 

Ruble. —  (Russia.)  A  gold  coin  valued  at  77.2  cents; 
a  silver  coin  valued  at  49.2  cents. 


WALL  STREET  GUIDE. 


Rupee. —  (India.)     A  coin  valued  at  29.3  cents. 

Sack. — Jute  sacks  (or  bags)  in  which  flour  is  ex- 
ported contain  140  pounds.  To  reduce  sacks  to  bar- 
rels, multiply  by  5  and  divide  by  7.  A  sack  of  coffee  is 
estimated  at  200  pounds  of  Rio  and  133  pounds  of  Java. 

Scalper. — One  who  trades  in  options  continually 
and,  by  reading  the  temper  of  the  market  at  the  mo- 
ment, tries  to  get  a  profit  out  of  the  minor  fluctua- 
tions; also  applied  to  irregular  railroad  ticket  brokers. 
The  term  is  coming  into  general  use  in  other  lines. 

Seller  the  Year. — A  contract  giving  the  seller  the 
privilege  of  delivering  property  at  any  time  within 
the  year.  Example:  A  buys  of  B,  through  a  broker, 
5,000  bushels  of  "year"  wheat.  A  has  not  the  right 
to  demand  the  delivery  of  the  wheat  before  the  last 
business  day  of  the  calendar  year.  B,  however,  has 
the  privilege  of  tendering  the  grain  at  any  time. 
Should  the  market  price  of  wheat  decline  ten  cents 
a  bushel  between  the  time  of  the  purchase  and  the 
last  day  of  the  year,  A  may,  with  B's  consent,  pay 
to  B  the  difference,  which  on  5,000  bushels  would  be 
$500,  and  thus  close  the  trade.  The  same  rules  would 
apply  if  in  December  or  January  A  should  buy  "  May  " 
wheat  or  other  commodity.  If  an  advance  should  take 
place  during  the  life  of  either  option,  B  would  have 
to  either  pay  the  difference  to  A  or  fulfil  the  contract 
by  delivering  to  A  the  property  specified. 

Shilling. —  (Great  Britain.)  A  silver  coin  valued  at 
24.3  cents.  The  twentieth  part  of  a  pound  sterling 
and  equal  to  12  pence. 

Short. — One  who  has  sold  property  for  future  de- 
livery in  anticipation  of  a  decline  in  price.  Also  used 
adjectively. 

Short  Market. — A  market  that  is  oversold;  the 
volume  of  open  contracts  to  deliver  property  being 
in  dangerous  excess  of  available  supply. 

Short  Selling. — The  process  of  selling  property  for 
future  delivery  in  the  expectation  of  being  able  to 
obtain  the  property  cheaper  before  the  maturity  of 
contract,  or  of  being  able  to  close  out  the  contract 
at  a  profit  without  the  actual  deliver}'  of  the  property. 

Sight  Draft. — A  draft  or  bill  of  exchange  payable 
on  presentation  without  privilege  of  delay.  In  some 
States  grace  on  sight  drafts  is  allowed  either  by 
custom  or  express  statute. 

Sinking  Fund. — A  sum  of  money  set  apart  for  the  re- 
demption of  the  debts  of  a  corporation  or  government. 

Sol. —  (Peru.)    A  coin  valued  at  61.6  cents. 

Sovereign. —  (Great  Britain.)  A  gold  coin  the  same 
in  value  as  pound  sterling  or  $4.8661/£. 

Speculation. — The  practice  of  buying  and  selling 
property  according  to  the  rules  on  exchanges  and 
boards  of  trade  governing  speculative  trading,  as  dis- 
tinguished from  trade  as  carried  on  by  merchants  who 
buy  goods  expecting  to  sell  them  at  an  advance.  (See 
Seller  the  Year.) 


Split.-  A  trade  at  a  smaller  fraction  than  marks 
the  ordinary  price  fluctuations  of  a  commodity.  Thus, 
instead  of  buying  10,000  bushels  of  wheat  at  601i<;  cents, 
the  trade  is  made  on  a  basis  of  5,000  bushels  at  60 
cents  and  5,000  bushels  at  60%  cents,  the  sale  having 
been  made  "on  the  split." 

Spread. — A  "spread"  is  a  double  privilege,  entitling 
the  holder  to  deliver  to,  or  to  demand  from,  the 
signer  a  certain  amount  of  stock  on  the  terms  speci- 
fied. 

Squeegee.  A  trader  may  sell  a  security  under  a 
"  squeegee "  agreement,  which  is  in  effect  an  agree- 
ment to  take  back  the  security  within  a  specified  time 
at  a  price  representing  a  definitely  limited  loss  to 
the  purchaser.  Any  such  transaction  is  irregular  and 
not  recognized  by  the  rules  of  the  exchange. 

Squeezed. — Said  of  "  short  sellers  "  who  by  reason 
of  having  oversold  the  market,  are  forced  to  pay  an 
artificially  high  price  for  property  with  which  to  fill 
contracts. 

Stop  Order. — An  operator  may  give  his  broker 
orders  to  close  out  his  deals  when  quotations  reach  a 
certain  point,  and  in  that  case  he  is  said  to  have 
given  a  "  stop  order."  ^Yhen  a  declining  market  is 
filled  with  "  stop  orders  "  to  sell,  the  bears  may  make 
extraordinary  efforts  to  force  quotations  down  to  a 
point  which  reaches  the  "  stop  orders,"  and  which  will 
thus  throw  on  the  market  more  securities.  In  the 
same  way  on  an  advancing  market  the  bulls  may  en- 
deavor to  raise  quotations  to  a  point  that  will  reach 
stop  orders  of  short  sellers,  and  force  their  brokers 
to  become  buyers. 

Straddle. — A  trader  who  is  "long"  of  one  option 
and  "  short "  of  another  option  has  "  straddled  "  the 
market.  Example:  A  buys  corn  for  May  delivery 
ami  sells  an  equal  amount  for  December  delivery,  in 
the  expectation  that  the  former  will  advance  and  the 
latter  decline.  It  is  also  called  a  "  straddle  "  when  a 
trader  buys  property  for  future  delivery  in  one 
market  and  sells  in  another. 

Sucre. —  (Ecuador.)    A  coin  valued  at  61.6  cents. 

Syndicate. — A  combination  of  persons  for  business 
purposes. 

Tael. —  (China)  Shanghai:  A  coin  valued  at  91  cents. 
Haikwan  customs:  A  coin  valued  at  $1,013. 

Tailer. — A  follower.  One  who  having  a  small  capi- 
tal and  little  confidence  in  his  own  judgment,  follows 
the  lead  of  a  successful  trader  or  clique. 

Tierce. — In  speculative  dealings  a  tierce  of  lard  is 
figured  at  340  pounds. 

Tonnage. — The  amount  or  quantity  of  freight  han- 
dled by  rail  or  marine;  the  whole  amount  of  shipping 
estimated  by  tons. 

Trover. — An  action  to  recover  for  the  value  of  goods 
wrongfully  converted  by  another  to  his  own  use. 

Trust. — A  combination  of  business  interests  having 


WALL  STREET  GUIDE. 


59 


for  its  object  monopoly  in  special  lines  of  trade;  as  of 
manufactured  or  selling  goods.    Exclusive  control. 

Under  the  Rule. — When  a  member  of  the  exchange 
fails  to  meet  the  calls  for  margins  during  the  time 
specified  by  the  trading  rules,  the  chairman  of  the 
exchange  announces  that  he  will  sell,  under  the  rules, 
for  the  account  of  the  delinquent  member,  such  secu- 
rities as  that  member  held,  and  will  buy,  under  the 
rules,  such  securities  as  the  delinquent  was  short  of. 
Sales  of  this  character  are  marked  up,  followed  by  the 
letters  "  U.  R.,"  to  indicate  "  under  the  rule,"  and 
such  quotations  are,  of  course,  an  indication  of  a 
failure. 

Underwriter. — One  who  subscribes  for  stock  in  a 
company,  in  the  expectation  of  placing  or  reselling; 
also,  one  who  insures.  Individuals  underwrite  poli- 
cies of  insurance  as  well  as  companies. 

Underwriting. — When  a  new  security  is  to  be 
quoted  on  the  market  it  is  sometimes  the  plan 
to  organize  a  sjmdicate  to  "  underwrite "  the  issue. 
In  this  case  the  syndicate  practically  subscribes  to 
the  entire  issue  at,  say,  95.  Public  subscriptions  for 
the  entire  issue  are  then  opened  at,  say,  par,  for  the 
security,  and  if  the  public  subscribes  for  the  entire 
issue,  the  underwriters  make  the  difference  between 
the  95  they  agreed  to  pay  and  the  par  which  the  public 
did  pay.  That  profit  is  made  without  any  money 
investment  by  the  underwriters.  In  case  the  public 
subscription  is  unsuccessful,  however,  the  under- 
writers axe  compelled  to  take  at  the  agreed  price  such 
portion  of  the  securities  as  have  not  been  subscribed 
for. 

Upset  Price. — The  price  at  which  goods  are  set  up 
or  offered  in  an  auction  sale,  and  the  lowest  price  at 
which  they  can  be  sold. 

Utter. — To  put  in  circulation,  or  offer,  as  money; 
to  publish. 


Verbal  Contract. — A  contract  entered  into  by  word 
of  mouth  only;  not  written.  Where  a  verbal  contract 
is  legal,  and  can  be  proved,  its  violation  is  subject  to 
the  same  penalties  as  the  violation  of  a  written  agree- 
ment. 

Visible  Supply. —  (See  In  Sight.) 

Voucher. — A  paper,  document,  or  book  which  serves 
to  vouch  for  the  correctness  of  accounts. 

Warehouse  Receipt. — A  receipt  issued  by  a  ware- 
houseman for  property  received  by  him  in  store  and 
held  for  the  consignor  or  his  assignee.  They  are  as- 
signable, and  according  to  mercantile  use  and  under- 
standing in  this  country  the  transfer  of  the  document 
completes  the  delivery  of  the  property. 

Wash  Trades. — Pretended  trading.  Trades  made  on 
an  open  market  by  parties  between  whom  there  is  a 
tacit  or  private  understanding  that  they  shall  be  void. 
Done  with  a  view  of  influencing  prices,  and  considered 
a  reprehensible  practice. 

Watered  Stock. — An  increase  in  capitalization  with- 
out a  corresponding  increase  in  assets. 

Whipsawed. — Losing  both  ways.  Buying  at  the  top 
and  selling  at  the  bottom,  or  selling  "  short "  at  the 
bottom  and  buying  in  at  the  top.  This  term  is  com- 
mon in  betting  circles  and  originated  in  the  game  of 
faro. 

Wind. — "  Selling  wind  "  is  a  cynical  expression  ap- 
plied by  the  Farmers'  Alliance  and  by  unfortunate 
bull  speculators  to  the  short  selling  tactics  on  the 
part  of  the  bears. 

Without  Recourse. — The  words  "  without  recourse 
to,"  written  before  the  signature  of  a  person  on  the 
back  of  a  paper  payable  to  his  order,  absolves  the 
person  so  signing  from  any  legal  process  by  the 
holder  if  not  paid  at  maturity. 

Yen. —  (Japan.)  A  gold  coin  valued  at  99.7  cents. 
A  silver  coin  valued  at  66.4  cents. 


TABLE  OF  FRACTIONAL  POINTS  IN  NEW  YORK  STOCKS. 


Stocks. 
Fractional  Profit. 


^  per  cent 
1  << 


0 

25 


Shares. 

Amount 
Profit. 

100 

$12  50 

100 

25  00 

100 

37  50 

100 

50  00 

100 

62  50 

100 

75  00 

100 

87  50 

100 

100  00 

100 

500  00 

100 

2.500  00 

Bonds. 
Fractional  Profit. 


per  cent 


Amount 

Amount 

of  Bond. 

Profit. 

$1,000 

$1  25 

1.000 

2  50 

1,000 

3  75 

1,000 

5  00 

1,000 

6  25 

1,000 

7  50 

1,000 

8  75 

1,000 

10  00 

1,000 

50  00 

1.000 

250  00 

60 


WALL  STREET  GLIDE. 


NEW  YORK  STOCK  EXCHANGE  QUOTATIONS. 
Stocks  —-Pk ices  and  Sales  for  Yeah  1901,  and  to  July  11.  1902. 


STOCKS. 


Par. 

Atchison,  Topeka and  Santa  Fe  100 

Pref  100 

Baltimore  and  Ohio  100 

Pref  100 

Brooklyn  Rapid  Transit  100 

Canadian  Pacific  100 

Canada  Southern  100 

Central  of  New  Jersey  100 

Chesapeake  and  Ohio  i  100 

Chicago  and  Alton  (new)  100 

Pref.  (new)  100 

Chicago  and  Eastern  Illinois  100 

Pref  100 

 100 

 100 

 ...100 

 100 

 100 

 100 

 100 

 100 

 100 

  100 


Sales 
in  1901. 


Chicago  Great  Western  

4  p.  c.  deb  

5  p.  c.  pref.  A  

4  p.  c.  pref.  B  

Chicago.  Indianapolis  and  Louisville 
Pref  

Chicago.  Milwaukee  and  St.  Paul  

Pref..  

Chicago  and  North  Western  

Pref  


Chicago.  Rock  Island  and  Pacific  100 

Chicago  Terminal  Transfer  BR  100 

Pref  100 

Chicago  Union  Traction   100 

Pref  100 

Cleveland.  Cincinnati,  Chicago  and  St.  Louis  100 

Pref....  100 

Colorado  and  Southern  voting  trust  certificates  100 

1st  pref.  voting  trust  certificates  100 

2d  pref.  voting  trust  certificates  100 

Delaware  and  Hudson  100 

Delaware,  Lackawanna  and  Western   50 

Denver  and  Rio  Grande   100 

Pref  100 

Des  Moines  and  Ft.  Dod«re   100 

Detroit  Southern  voting  trust  certificates  100 

Pref.  voting  trust  certificates  100 

Duluth.  South  Shore  and  Atlantic  100 

Pref  100 

Erie  100 

1st  pref  100 

2d  pref  100 

Evau-ville  and  Terre  Haute   50 

Pref   50 

Ft.  Worth  and  Denver  City,  stmpd  

Great  Northern,  pref  100 

Hocking  Val  lev  100 

Pref  100 

Illinois  Central  100 

Iowa  Central  100 

Pref  100 

Kanawha  and  Michigan  100 

Kansas  City,  Ft.  Scott  and  Memphis,  tr.  ctfs.  pref  

Kansas  City  Southern,  vot.  tr.  ctfs  100 

Pref.  voting  trust  certificates  100 

Lake  Erie  and  Western  100 


»ref. 


inn 


Lake  Shore  100 

Long  Island   50 

Louisville  and  Nashville  100 

Manhattan  consul  100 


Metropolian  Street  100 

Metropolitan  West  Side  Elevated  (Chicago)  100 

Pref  100 

Mexican  Central  100 

Michigan  Central  100 

Minneapolis  and  St.  Louis  100 

Pref    100 

Minneapolis,  St.  Paul  and  Saiilt  sic.  Marie  100 

Pref  100 

Missouri.  Kansas  and  Texas   100 

Pref  100 

Missouri  Pacific  100 

New  York  Central  and  Hudson  River..  100 

New  York,  Chicago  and  St.  Louis  100 

1st  pref  100' 

2d  pref   100 1 


Shares. 
12,064,121 
4,228,322 
2,072,079 
30S,24fi 
5.403.5(50 
51  IS.  (ISO 
387,138 
100.109 
2.04S.390 
1.007,799 
303,068 
13^.775 
10.717 
1.210.711 
27.022 
56,672 
94.479 
959.243 
189.703 
12.543.ti50 
132,642 
267,194 
18.302  | 
2,624.257 
535,617 
719.950 
37.325  i 

900 
380.243 
17,145  j 
1,167,853 
3115.225 
311.041 
1.011.188 
257,558 
525.693 
453,913 
244,385 
14.324 
12,370 
171.191 
144.996 
11.307.410 
2.44S.402 
810,679 
289.010 
7,465 
25,775 
469,065 
263,995 
176.267 
869,716 
302.742 
226.063 
74.500 
21.352 
60.559 
164,782 
190.470 
23.222 
3.003 
68,816 
3.292.166 
6.118.718 
1,944.143 
13.486 
7,411 
980,570 
3.277 
282,769 
41,625 
177.053 
69,849 
1.10'i.282 
1,810,475 
5.554.537 
2,838.965 
435.608 
22.790 
198.551 


Range  fok  Yeai:  1901. 


Lowest. 

Highest. 

1902. 

Sale  Pric 

Sale  Prices. 

Low. 

Hiqh. 

42}  Jan. 

21 

91  June  5 

83$ 

83| 

70  May 

9 

108  Mav  3 

99 

99$ 

81 1  Jan. 

4 

113  May  7 

107f 

107$ 

83|  Feb. 

27 

97  June  5 

954. 

951 

555  Oct. 

88|  Apr.  22 

67$ 

684 

87  May 

9 

117 J  Mav  7 

134$ 

135} 

54}  Jan. 

4 

89  Nov.  25 

90^ 

901 

145}  Jan. 

4 

196f  Dec.  30 

185 

190 

29  May 

9 

52*  May  3 

48f 

49} 

27  May 

9 

50}  Apr.  30 

37* 

38} 

72}  Jan. 

4 

82}  Apr.  30 

75 

75 

91  Jan. 

140  Nov.  11 

204 

2064 

120|  Jan. 

3 

13(5  Apr.  18 

149 

151" 

16  Jan. 

3 

27  Nov.  11 

291 

29J 

90  July  27 

94 1  Mar.  15 

92 

93 

75  May  10 

904  June  24 

88 

88 

41  Dec. 

9 

56  Mar.  14 

47 

481 

23  Jan. 

21 

52|  Dec.  31 

76 

76 

58}  Jan. 

21 

77}  Sept. 16 

87 

88 

134  May 

188  May  6 

178 

1791 

175  May 

200  May  3 

19H 

192 

168 J  Jan. 

21 

215  Mav  1 

253$ 

2534 

207  Mar. 

1 

24S   Apr.  11 
1754  June  5 

1165  Jan. 

4 

1824 

190 

10}  Jan. 

19 

31   Apr.  16 

21' 

21 

28 i  Dec. 

5 

574  Apr.  15 

371 

371 

12  Jan. 

10 

20}  May  28 

14| 

16 

54f  Feb. 

11 

00  May  28 

494 

491 

106} 

73  May 

9 

101   Nov.  8 

106 

115}  Jan. 
6|  Jan. 

11 

124  Nov.  25 

21 

18  Apr.  29 



31} 

32| 

x40  Jan. 

31 

60  Dec.  28 

73} 

74' 

16$  Jan. 

4 

28}  Apr.  29 

45} 

46} 

105  May 

1854;  Apr.  3 

176 

176 

xiss]  Jan. 

3 

258  Dec.  31 

278 

284 

29}  Jan. 

21 

53*  May  6 

41$ 

41$ 

80  Jan. 

21 

103j  June  14 

90 

90 

18  Jan. 

30 

45  June  5 

524 

53$ 
20} 

14i  Dec. 

17 

17  Dec.  5 

20} 

36  Dec. 

12 

401  Dec.  5 

39 

39} 

44.  Feb. 

5 

12}  June  5 

161 

17 

13$  Jan. 

8 

224  Sept. 30 

28} 

28} 

24  ,  Mav 

9 

454  June  4 

36} 

36* 

59}  Jan. 
391  Jan. 

21 

75'  Dec.  31 

68} 

68} 

4 

62}  Dec.  31 

524 

53} 

41   Jan.  31 

*68  Apr.  13 

51" 

51 

81  Jan. 

4 

95  Apr.  11 

81} 

85 

17  Jan. 

is 

36  Apr.  20 

1671  May 

9 

208  Mar.  15 

'  187* 

187} 

404  May 

9 

754  Dec.  26 

88 

88j 

69|  Jan. 

21 

88     Dec.  20 

89 

91 

124  May 

154;  J  une  29 

163* 

1644 

21  Jan. 

21 

43}  J  une  21 

47} 

48} 

48  Jan. 

21 

874  July  1 

I  86} 

86$ 

21  Jan. 

41   June  15 

42} 

42} 

774  Dec. 

16 

81  i  Dec.  28 

81} 

331 

82 

13.V  ,j an. 

25  Apr.  30 

34f 

35  Jan. 

4 

49  Apr.  30 

591 

59$ 

39}  Jan. 

21 

764  Nov.  25 

64 

64 

108}  Jan. 

21 

135}  Sept.27 

125 

130 

230  Apr. 

1  1 

355"  Nov.  22 

67  Jan. 

3 

90  Dec.  18 

85 

87 

76  May 

9 

111  J  June  17 

140! 

141  v 

83  Mav 

U 

145  Dec.  5 

131 

132 

150  May 

9 

177  June24 

1474 

148} 

27  Jan. 

9 

41   Nov.  25 

37| 

39} 

79',  Jan. 

15 

93  Sept.27 

89 

91 

12;  Jan. 

21 

30  May  2 

29 

29$ 

10< ;  Mar. 

4 

180  Nov.  25 

67-j  Jan. 

19 

nil  July  19 

112} 

112} 

lnl;  Jan. 
15  Mav 

1244.  Oct,  23 
3(51  Nov.  25 

125 

128.1 

9 

59 

59.1 

49  Apr. 

9 

94]  Nov.  25 

1231 

125' 

15  Jan. 

21 

35  j  Apr.  20 

26} 
581 

26; 

:Y,  Mav 

9 

OS:  Apr.  19 

58} 

69  Jan. 

4 

1244  June  14 

11H 

113 

139J  Jan. 

21 

174}  Nov.  25 
57*  Sept.28 
120  Sept. 18 

158j 

lOOg 

16  May 

9 

53 

53 

100  Feb. 

6 

115 

115 

47  Mar 

1 

95  Sept  28 

894 

111 

Price 
July  11, 


Range  for  Yeak  1902 
to  July  11th. 


Lowest. 


Sale  Prices. 
74}  Jan.  27 
954  Jan.  27 
101  Jan.  14 
93}  Feb.  21 
605  Feb.  14 
112}  Jan.  28 
85}  Jan.  6 
1804  July  7 
45  Feb.  20 
334  Jan.  22 
744  Jne  27 
134|  Jan.  21 
1375  Jan.  11 
22$  Jan.  25 
90}  May  5 
83}  Jan.  22 
434  Jan.  24 
49}  Jan.  14 
75  Jan.  16 
1604  Jan.  27 
186  Jan.  14 
204}  Jan.  14 
230  Jan.  18 
152  Jan.  15 
15}  Feb.  21 
301  Feb.  20 
10}  Jan.  8 
44}  Mar.  15 
95}  Jan.  14 
118  Jan.  21 
14$  Jan.  15 
59}  Jan.  15 
28  Jan. 14 
170  Mar.  11 
253  Jan.  15 
41  April  7 
88}  May  19 
39  Feb.  1 
13  Feb.  3 
33  Feb.  24 
10  Jan.  15 
18*  Jan.  14 
m  May  19 
05}  May  19 

51  May  17 
50  Mai-.  20 

52  May  29 
Jan.  2 
Mai.  5 
Jan.  15 
Jan.  14 
Jan.  14 
Jan.  15 


30 
181} 

00 

81} 
137 

37 1 

71  Jan 

331  Jan 

801  Jan 


19 
44 
64 
125 
325 
7S; 
1021 


Jan.  15 
Jan.  14 
Jan.  15 
Jan. 15 
April  7 
Jan.  15 


38 
89 
•>v 


Jan.  27 
Mar.  12 
May  12 
Feb.  7 
Mar.  3 
Jan.  15 
150  Mar.  7 
105  Jan.  27 
US,1  Jan.  22 
30'  Jan.  2 
90"  Jan.  14 
24  Mar.  5 
51  Jan.  13 
96}  Mar..  1 1 
153}  Mav  19 
46}  Jan.  15 
1175  May  21 
84  Feb.  4 


WALL  STREET  GUIDE 


NEW  YORK  stock  EXCHANGE  QUOTATIONS  Continued. 


STOCKS. 


Salc- 
in  HUH. 


/'(// 

New  York,  New  Haven  and  Hartford  100 

New  York,  Ontario  and  Western  100 

Norfolk  and  Western  100 

Pref  loo 

Northern  Pacific  100 

Pref  100 1 

Pacific  Coast  Co  100 

1st  pref  100 

2d  pref  100 

Pennsylvania  

Peoria  and  Eastern  

Pere  Marquette  

Pref  

Pittsburgh,  Cincinnati,  Chicago  and  St.  Louis 

Pref   

Reading  Co.,  voting  trust  certificates  

1st  pref  

2d  pref  

St.  Louis  and  San  Francisco  

1st  pref  

2d  pref 


Shares. 

9,567 
3,80(5,255 
1,931, HOT 
33,449 
5.046,031 
H1 1 .255 
58,716 
4,582 
17,510 
501  5,830,380 
100  165,916 
22,886 


Range  for  Yeah  1901. 


Lowest . 


urn 
100 
loo 
100 

50 
50 
50 
100 
100 


7,136 
50,864 
17,252 
5,573,426 
2,666,553 
3.003,575 
274,369 
37.H93 
100[  513,999 


St.  Louis  Southw 

Pref  

Southern  Pacific  < 
Southern,  voting 

Pref.,  voting  tri 
Texas  and  Pacific 
Third  Avenue  i  N< 
Toledo,  St.  Louis 

Pref  

Twin  City  Rapid  Trans 

Pref    


■ertilicates. , 
tificates. . . 


Western,  votim 


 100 

 100 

 100 

 100 

trust  certificates.  100 

 100 

 100 

 100 


100  521.317 
100|  774,602 
100.11,332,070 
5.:32.N<)7 
1,558,482 
2,897.987 
35,419 
271,346 
270,428 
136,830 
2,150 


Union  Pacific  Railway  100  22,445.193 

Pref  100  1.4(37.863 

Wabash  100 


Pref  

Wheeling  and  Lake  Erie  

1st  pref  

2d  pref  

Wisconsin  Central  

Pref  r  

Miscellaneous  Stocks. 

Adams  Express  .'  

Amalgamated  Copper  

American  Car  and  Foundry    

Pref  100| 

American  Cotton  Oil  100 


1,255.364 
2,996,511 
362,663 
94,294 
187,141 
567.200 
232,002 


Pref  

American  Express   

American  Ice  

Pref  

American  Linseed  

Pref     .'  

American  Locomotive  

Pref  

American  Malting  100 

Pref  100 

American  Smelting  and  Refining  100 

Pref  100 

American  Sugar  Refining  100 

Pref.,  new/.  100 

Anaconda  Mining   25 

Brunswick  Dock  and  City  Improvement  100 

Colorado  Fuel  and  Iron  100 

Pref  100 

Columbus  and  Hocking  Coal  and  Iron  100 


2,916 
100  11.826.038 
100  966,603 
312,442 
213,819 
10,768 
29.088 
348.520 
87.528 
■  346,852 
275,461 
448,022 
179.876 
55.360 
35,429 
2.356,229 
456.727 
8,174,362 
39.326 
1,148,286 
62,629 
907,722 
8,542 
183.529 


New  Yorl 


Consolidated  Ga 

Diamond  Match  

Distilling  Co.  of  America  

Pref  

General  Electric  

International  Paper  

Pref  

National  Biscuit  

Pref  

National  Lead  

Pref  

New  York  Air  Brake  

Pacific  Mail  

People's  Gas  Light  &  Coke  Co.,  Chicago 
Pressed  Steel  Car  100 

Pref  100 

Pullman  Company    , . .  .100 

Republic  Iron  &  Steel  100 

Pref  100 


100  1,103.110 


Sale  I 'lias. 
206}  Feb.  26 
24  May  9 
42  Jan.  10 
82  Feb.  15 
77}  Jan.  21 
84}  Jan.  21 
52  Feb.  1 
89  Feb.  25 
63  Jan.  8 
xi  37  May  9 
14$  Jan.  22 
33}  Jan.  9 
72  Jan.  2 

I  57  Jan.  30 
*88  Jan.  4 
24}  Jan.  4 

1  65  May  9 
38  Jan.  3 
2H  Jan.  4 

75  July  15 
53*  Jan.  4 
16  May  9 

!  4UJan.  3 
29'  May  9 
18  Jan.  21 

!  67}  Jan  21 
23}  Jan.  3 
117  May  9 
10|  Feb.  16 
28  May  9 

'  65}  Jan  21 
147   Apr.  19 

76  May  9 
81*  Jan.  21 
lHJan.  3 
23}  Jan.  4 

;  llf  Jan.  31 
45  May  9 
24  May  9 
14}  Jan.  21 
38.1  Jan.  17 


14,084 
77.240 
56,699 
308,973 
272.288 
225,062 
188.374  I 
17,256  | 
184.050  j 
33,230  1 
105,819 
302.990 
3.355,174 
350.521 
185.486 
54,945 
725.172 
383.617 


145  Jan.  8 
60}  Dec.  17 

*19  Jan.  21 

*67  Jan.  19 
I  24  Mar.  8 
85  Apr.  10 

169  Jan.  12 
|  25}  Oct.  2 
62  Oct.  10 
5*  Jan.  24 
31  Jan.  24 
221  Aug.  13 
83|  Oct.  4 
44  Feb.  4 
22}  Dec.  19 
381  Oct.  7 
88  Feb.  26 

1031  Bee.  24 

111  Dec.  21 
28}  Dee.  23 
S    8}  Jan.  19 
41}  Jan.  21 

116  Mar.  23 
121  Oct.  23 

187  Jan.  18 
\  1274  Oct.  10  , 
6?  Oct.  14 
23}  Sept.  13 

1831  Jan.  10 
181  May  10 
69"  Jan.  21 
I  37  Jan.  21 
92  Jan.  2 
15  Mar.  14 
74}  Dec.  24 

133  Julv  15 
301  May  9 
95}  Jan.  21 
30  Mar.  7 
721  Mar.  5 

1951  Jan.  21 
11}  Sept. 13 
55}  Jan.  21  \ 


Highest. 

Soli  Prices. 

217  June24 
404  May  1 
111*  Nov.  25 
92|  N(>v.  22 

1000  May  9 

113}  May  7 
78  Dec.  2 

1031  Dec.  2 
83  Nov.29 

1614  Apr.  23 
50  Sept. 27 
94  Nov.  13 
86  June  17 

81  Dec.  30 
113  Dec.  30 

58  Dec.  30 
82i  Dec.  30 
64}  Dec.  31 
56}  Dec.  19 

88  Mar.  12 
76J  Junel!) 
391  Apr.  30 
71  June  10 
63S  June  5 
35}  June  3 
945  Nov.  27 
52}  May  3 

129.1  Jan.  9 
25}  May  22 
39}  May  22 
1095  Dec  31 
160  Nov.  30 
133  May  2 
99}  May  1 
26  June  3 
46}  June21 
22  June  4 
60}  Mar.  28 
38  Mar.  28 
26  June  17 
49}  Apr.  17 

202  Dec.  24 
130  Junel7 
35  June  14 
89}  July  8 
35}  June 17 
911  Jan.  8 
210  Nov.  19 
411  Mar.  15 
77}  Mar.  22 
30}  July  9 
GO  July  9 
33 5-  Nov.  19 
91}  Nov.  19 
8  June 20 
30  June 25 
69  Apr.  20 
104}  June  20 
153  June  3 
130  July  19 
*54}  Apr.  16  ! 
14}  Mar.  19 
136}  June  17 
142|  Apr.  29 
25}  June  17 
238  Apr.  15  1 1 
1521  Aug.  29 
10}  June  18  \  \ 
34}  Nov.  9  1 
289}  Dec.  6 
28  Mar.  22 
81}  Sept. 10 
46  May  3 
103^  Nov.  18 
25}  June  12 
93;  June  17 
175  Apr.  26 
491  Nov.  11  ] 
120*  June 21 
52  Jan.  2 

89  Apr.  29 
225  Oct.  17 

24  June  17 

82  Apr.  1  | 


Price 
July  11, 

1902. 

Low.  High. 
231  234 
32?  32? 
57  575 
92  94 


69  72 

100  105 

75  80 

1535  154} 

37  43 


93  98  I 

"66}  "i;6; 

84}  85} 

70}  70} 

68}  691 

84}  84} 

73  73}  1 1 

30  31 

681  68} 

64?  65} 

365  37 

96  96 

42}  43 1 

130}  131} 

21  21" 

37  37} 

119  119 

105}  1061 

89?  90 


45 

22} 

63 

37} 

261 

49" 


30 

45? 

221 

64" 

3? ! 

26: 

49} 


93} 


198  198 
63}  64 
31?  32} 
89}  89} 
52|  535 
95  97 

225  230 
9}-  9? 

321  33} 

23|  23f 
50|  54 

31}  32} 
93 
5? 

22}  24 

46}  465 

97}  98 

128}  1301 

119  119 

100  100} 

11}  12} 

89}  90} 

125  127 

16}  171 

223}  224} 

133  135 
4?  5 

35  351 

313  314" 

20}  20} 

73}  74 

48  48 

104  106 

21  21} 

87  90 

172  172 

40}  40} 

101}  101? 

48  4,8} 

86?  86? 

240  243 

17}  17} 

73}  73} 


Range  fob  Year  iw)\! 

To  Jfl.v  llTH. 


Lowe-!. 


Sale.  /'/  ins. 

209}  .Jan.  80 
32  Mar.  11 
55  Jan.  14 
90   Feb.  21 


67}  J  une  23 
100}  0 

79  Jan.  20 

147  Jan.  14 
39  Jan.  8 
71   Feb.  15 

80  May  17 
80}  Jan.  7 
113  Mar.  25 
52}  Mar.  10 
79?  Mar.  10 

60  Jan.  14 
55}  Jan.  2 
82?  Julv  9 
70}  May  5 
24}  Mar.  6 
554l  Mar.  5 
58  Jan.  27 
31?  Jan.  27 
92  Jan.  14 
37}  Jan.  15 

122  Jan.  8 
18}  Jan.  21 
35  Jan.  15 
107  Jan.  20 
157  May  15 
98»  Feb.  28 
865  Mar.  6 
21}  Jan.  1  1 
41}  Jan.  13 
17  Jan.  27 
49!  Jan.  27 
28  Jan.  14 
19}  Jan.  30 
39}  Jan.  24 

198  July  11 

61  Mar.  25 
28}  Apr.  11 
85}  Jan.  14 
30}  Jan.  10 
86  Feb.  3 

210  Jan.  13 
9}  Julv  11 

32  Julv  10 
15  Jan.  14 
43  Jan.  13 
29;  May  19 
89  Jan.  3 

5  Jan.  20 
21  Jan.  20 
431  Apr.  22 
95  Apr.  30 
116}  Jan.  6 
115  Jan.  2 
100  Julv  9 
10  Jan.  13 
84  Jan.  8 
130  Jan.  29 
14}  Jan.  16 
213  Jan.  15 
130}  Jan.  13 
4}  July  9 

33  Jan.  3 
276}  Jan.  15 

19  Jan.  14 
725  June  24 
435  Jan.  14 
!  1041  Jan.  3 
I  15}  Jan.  18 
78}  Jan.  16 

148  Mar.  17 
,  371  May  17 
!  98}  Jan.  15 
|  39  Jan.  14 
l   82}  Feb.  4 

215  Jan.  13 
15}  Jan.  2 
!   68  Jan.  16 


62 


WALL  STREET  GUIDE. 


NEW  YORK  STOCK  EXCHANGE  QUOTATIONS—  Continued. 


STOCKS. 


S.-tles 
in  1901. 


Par 
.100 
..100 
..100 
..100 
..100 
..100 
..100 


Shares. 

85,610 
1. 549.005 
65>12 
1,374,752 
408,194 
317.138 
133,018 


Standard  Rope  &  Twine  

Tennessee  Coal  &  Iron  

United  States  Express  

United  States  Leather  

Pref  

United  States  Rubber  

Pref  

United  States  Steel  100  12,988,558 

Pref  100  6,084,078 

Virginia-Carolina  Chemical  lOOl  54,365 

Pref  lOOl  13,204 

Wells.  Fargo  &  Co  100j  4,670 

Western  Union  Telegraph  100  1,589.362 

Westinghonse  Electric  &  Manufacturing,  assent   50|  26,865 

1st  pref   50  425 


Range  nm  Year  L901. 


Lowest. 


Sale  Price*. 
3*  Mar.  6 
49|  Mar.  7 
53'  Jan.  26 
7fMay  9 
694  May  9 
12*  Oct.  4 
47  Oct.  4 
24  May  9 
69  Mav  9 
51  July  12 
116  Apr.  27 
130  Jan.  11 
81  Jan.  21 
145  Nov.  26 
157  Nov.  27 


Highest. 


Sale  Prices. 
8£  June  13 
76|  June  18 
100  Apr.  19 
164  May  2 
83f  Aug.  28 
34  Jan.  2 
85  Jan.  2 
55  Apr.  30 
101 ;  Apr.  30 
72  Mar.  30 
125  Aug.  30 
199 1  Dec.  30 
100]  }Iay  6 
180  Dec.  26 
187  Dec.  27 


Price 
July  1 
1902. 


Low.  High. 
6*  7£ 
63A  64^ 
llli  1141 
12  12| 
83£  •  84 
14A  15 
55'  55 
39i  39* 
90£  90* 
69$  70J 
130.1  130.', 
200  215" 
85£  80£ 
208  Oio 
213  216 


Kangk  fob  Yeak  1902 
to  J  n.Y  11th. 


Highest. 


Sale  Prices. 
4  Jan.  10 
61}  Jan.  14 
97  Jan.  2 
1H  Feb.  20 
79J  Jan.  21 
14  Jan.  2 
504  Jan.  14 
36  j  J'ne  19 
874  J'ne  19 
60  Jan.  18 
120]  Jan.  17 
185  Jan.  24 
84*- July  10 
169*  Jan.  15 
180  Jan.  8 


Lowest. 


Sale  Prk( 
8|  Apr. 

74 &  Apr. 
126J  Apr. 

14|  Apr. 

86i  Apr. 

19|  Apr. 

64  Mar. 

46J  Jan. 

97|  Jan. 

761  Apr. 
134:  May 
220  Mav 

94 f  Apr. 
230*  Apr. 
234  Apr. 


RAILROAD  EARNINGS. 

The  following  table  shows  the  gross  earnings  of  all  important  Steam  railroads  from  which  regular  weekly  or 
monthly  returns  can  be  obtained.  The  first  two  columns  of  figures  give  the  gross  earnings  for  the  latest  week  or 
month  reported  by  July  11th,  1902,  and  the  last  two  columns  the  earnings  for  the  period  from  July  1  of  previous 
year  to  and  including  such  latest  week  or  month  in  current  year. 


ROADS. 


Adirondack  

Alabama  Great  Southern  

Ala.,  New  Orl.,*Tex.  &  Pac.  June. 

NVw  Orleans  &  North  Eastern. . 

Alabama  &  Vicksburg.  .   

Vicksburg,  Sh.  &  Pacific  

Ann  Arbor  

An  nap.,  Washington  &  Baltimore. 

Atchison,  Topeka  &  Santa  Fe  

Atlanta  &  Charlotte  

Atlanta,  Knoxville  &  Northern  . . 

Atlantic  &  Birmingham  

Atlantic  Coast  Line  

Atlantic,  Vald.  &  Western  

Baltimore  &  Annapolis  S.  L  

Baltimore  &  Ohio  j 

Baltimore  &  Ohio  Southwestern.  J 

Bangor  &  Aroostook  

Bath  &  Hammondsport  

Bella.,  Zanes.  &  Cincinnati  

Bellefonte  Central  

Bridgton  &  Saco  R  

Buffalo,  Attica  &  Arcade  

Buffalo,  Rochester  &  Pittsburg. . . 

Buffalo  &  Susquehanna  

Burlington,  C.  Raj).  &  Northern.. 

Canada  Atlantic   

Canadian  Pacific  

Central  of  Georgia  

Central  of  New  England  

Central  of  New  Jersey  

Central  Pacific  

Chattanooga  Southern  

I  Ihesapeake  &  Ohio  


Latest  Gross  Earnings 


1902 

Week  or  Month. 


April 
2  1  week  June 

June 
June 
June 
1st  week  July 

May 

May 
April 

May 

June 

May 
June 

May 

May 

Mav 

May 

May 

May 

April 

May 
1st  week  July 

Mav 

May 
February 
1  -t  week  in  July 
li  h  week  in  June 
March 

May 

April 
4t  h  week  in  June 
Lsl  week  in  Julv 


1902 

Year. 


14,960 
41,286 

160,528 
69,247 
80,888 
31,674 
7,382 
4,911,389 
229,669 
53,183 
15,913 
846,762 
21,384 
8,297 

4,405,692 

146,337 
1,985 
16,513 
4,811 
2,708 
2,704 
105,443 
73,724 
399,700 
123,195 
695,000 
163,929 
47,850 
1,196,124 
1,655,533 
3,407 
195,870 


1901 

Year. 


13,054 
35,429 

148,444 
63,437 
63,161 
28,902 
5,902 
4,837,478 
213,680 
41,057 
8,0:26 
714,99!) 
19,325 
8,435 

4,007,106 

117,176 
1,979 
15,994 
3,832 
2,799 
2,582 
125,873 
65,792 
399,772 
106,871 
599,000 
137,240 
52,410 
1,316,044 
1,647,389 
1,891 
266,597 


July  1  (Previous  Year) 
to  Latest  Date. 


1902 

Year. 


170,770 
2,413,876 

2,023,260 
1,019,932 
1,080,252 
31,674 
76,506 
54,690,804 
2,483,355 
572,677 
140.199 
7,633.030 
269.977 
97,014 

46,697,556 

1.568.479 
32.884 
73.124 
53,256 
34.521 
24,416 
105.443 
772,157 
4,959.604 
1.187.097 
695.000 
7,748,026 
449,309 


1901 

Year. 


16-2,708 
2,132,883 

1,929,814 
920,669 
896,936 
28.902 
59,458 
49,857,388 
2.386,539 
437,880 
81,108 
7.163,174 
235,045 
83,636 

43,091,303 

1,322,117 
37,706 
69,332 
38,194 
33,711 
25,007 
125.873 
659,338 
4,559.003 
1,172,246 
599.000 
6,920,714 
534,035 


16,848.818 
98,282 
195,870 


16,065,655 
92,870 
266,597 


WALL  STREET  GUIDE. 

RAILROAD  EARNINGS  Continued. 


63 


K<  IADS. 


Chicago  &  Alton  Ry  

Chicago,  Burlington  &  Quincy  . .. 

Chicago  &  Eastern  Illinois  

Chicago  Great  Western  

Chicago,  Indianap.  &  Louisv  

Chicago,  Milwaukee  &  St.  Paul.. . 

Chicago  &  North  Western  

Chicago,  Peoria  &  St.  Louis  

Chicago,  R.  I.  &  Pacific  

Chicago,  St.  Paul,  Minn.  &  Oni. .  . 

Chicago  Terminal  Tr.  RR  

Choctaw,  Oklahoma  &  Gulf  

Cincinnati,  New  Orl.  &  T.  Pac. . . 
Cleveland,  Cin.,  Chic.  &  St.  Louis. 

Peoria  &  Eastern  

Cleveland,  Lor.  &  Wheeling  

Colorado  &  Southern  

Columbia,  Newberry  &  Lau  

Columbus,  Sand.  &  Hock  

Cornwall   

Cornwall  &  Lebanon  

Cumberland  Valley  

Denver  &  Rio  Grande,  Rio  Gr.  W. 

Detroit  Southern   

Detroit  &  Mackinac  

Duluth,  South  Shore  &  Atlantic.  . 

Erie  

Evansville  &  Indianapolis  

Evansville  &  Terre  Haute  

Farmville  &  Powhatan  

Fort  Worth  &  Denver  City  

Georgia  RR  

Georgia  Southern  &  Florida  

Gila  Valley,  G.  &  N  

Grand  Trunk  System  

Grand  Trunk  &  Western  

Detroit,  Gr.  H.  &  M  

Great  Northern: — 

St.  Paul,  Minn.  &  Manitoba.  .  ) 

Eastern  of  Minnesota  ) 

Montana  Central  

Total  system  

Hocking  Valley  

Houston  &  Texas  Central  

Illinois  Central  

Illinois  Southern  

Internat.  &  Great  Northern  

Interoc.  (Mex.)  

Iowa  Central  

Iron  Railway  

Kanawha  &  Michigan  

Kansas  City  Southern  

Lehigh  Valley  RR  

Lehigh  Valley  Coal  Co  

Lexington  &  Eastern  

Long  Island  

Louisville,  Hen.  &  St.  Louis  

Louisville  &  Nashville  

Macon  &  Birmingham  

Manistique  

Mexican  Central  

Mexican  International  


Latkst  Uk<»>  Eaknim.- 


July  1    PttET  lOVB  \  BAB 
to  Latest  Date. 


1902 

1902 

1901 

1902 

1901 

Week  or  Month. 

Year. 

Year. 

Year. 

Year. 

$ 

$ 

$ 

$ 

May 

703,826 

747,158 

8.498,023 

8,278,927 

May 

4,477,203 

4,345,887 

49.:J18,501 

45,963,032 

1st  week  in  July 

113,700 

104.500 

113,700 

104,500 

1st  week  in  July 

125,830 

118,770 

125,830 

118,776 

4th  week  in  June 

108,114 

99,723 

4,572,227 

4,139,850 

May 

3,484,399 

3,232,192 

41,739,407 

38,813.022 

May 

3,960,122 

3,G63,232 

42,731,019 

39,410,413 

June 

122,102 

97,701 

1,448,324 

1,343,881 

April 

2,119,178 

1,972,937 

24,205,172 

21.824,999 

May 

876,877 

797,269 

10,872,717 

9,827,730 

4th  week  in  June 

41,500 

38,787 

1,626,123 

1,430,092 

4th  week  in  Mar. 

89,707 

75,378 

4.054,742 

2,877,751 

3d  week  in  June 

108,113 

100,080 

5,400,919 

4.889,917 

4t  h  week  in  June 

478,104 

477,948 

18,716.879 

17,877.490 

4th  week  in  June 

69,446 

62,103 

2,518,848 

2,488,303 

January 

194,003 

143,593 

1,542,222 

1,162,839 

4th  week  in  June 

136,840 

135,196 

5,559,423 

4,794,649 

May 

14,200 

11,877 

169,020 

162,921 

3d  week  in  June 

28,320 

25,062 

1.201,683 

1,035,959 

May 

9,291 

10,295 

103,739 

98,543 

May 

27,181 

30,735 

307,656 

248,716 

May 

104,811 

84,708 

1,084,362 

985,651 

1st  week  in  July 

312,900 

290,900 

312.900 

290,900 

4th  week  in  June 

29,559 

20,669 

1.237.250 

1,147,235 

May 

76,882 

88,977 

798,307 

785,714 

4th  week  in  June 

77,391 

68,233 

2.690,569 

2,484,210 

May 

3,321,228 

3.641,472 

37,646.465 

35,549.695 

1st  week  in  July 

6,227 

5,398 

6,227 

5,398 

1st  week  in  Julv 

23,420 

25,483 

23,420 

25,483 

May 

7,886 

6,217 

68,856 

58,335 

May 

187,052 

168,548 

2,040,864 

1,932.610 

May 

142,034 

129,455 

1,848.839 

1.716.893 

June 

101.227 

97,623 

1,246,635 

1,203,811 

May 

33,018 

32,824 

340,836 

338.110 

4th  week  in  June 

774,028 

735.034 

29,628,837 

28,212.060 

3d  week  in  June 

81,144 

82,560 

4,336,754 

4,116,434 

3d  week  in  June 

21,884 

20,137 

1,119,568 

1,005,395 

Jun 

Q  079  ftTQ 

O  ,\J  t  *J;0  i  V 

oa  qoq  Q71 

iOU.  U\JO .  o  t  1 

June 

122,521 

169,455 

1,772,278 

2,151,648 

June 

3,195,400 

2,685,020 

36,963,213 

29,055,619 

1st  week  in  July 

118,732 

111,465 

118,732 

111,405 

April 

369,265 

422.192 

4.452,234 

4,898.851 

June 

3,261,486 

2,910,434 

40.782.198 

36.900,460 

June 

12,195 

9,216 

135,126 

114,980 

4th  week  in  June 

101,773 

106,010 

4,838,756 

4,990,611 

Week  June  21 

83,900 

77,350 

4.139.205 

4,113,560 

4th  week  in  June 

75,277 

52,889 

2.540.352 

2,284.123 

June 

6,265 

5,262 

82.623 

59,747 

1st  week  in  July 

11,433 

13,639 

11,433 

13.639 

Mav 

506,939 

475,817 

5.096.715 

4,484,586 

May 

1,944,391 

2,274,323 

25.511.269 

23,880,212 

May 

929,292 

1,940.723 

19,710.610 

18,799,847 

May 

42,047 

33,161 

384.983 

323,003 

May 

Inc.  7< 

,241 

Inc.  62S 

,200 

J  une 

57,898 

53,527 

697,078 

668.484 

4th  week  in  Ju'e 

776,150 

658,120 

30,668,762 

28,022.207 

June 

10,355 

6,654 

125,882 

108,381 

June 

13,557 

12,410 

85,884 

97,368 

4th  week  in  Ju'e 

502,095 

391,572 

18.868,202 

17,105.916 

April 

535,387 

485,246 

5,141.883 

4,666,935 

64 


WALL  STREET  GUIDE. 


RAILRO  A  I)  EARNINGS—  < bn  tinned. 


ROADS. 


Mar. 


Mexican  Ry  

Mexican  Southern  

Milieu  &  Southwestern.. . . 

Mineral  Range  

Minneapolis  &  St.  Louis. .  . 

Minneap.,  St.  Paul&  Sit.  St 

Missouri,  Kansas  &  Texas  

Missouri  Pacific  &  Iron  Mt  

Central  Branch  

Total  

Mobile.  Jackson  &  Kansas  City..  . 

Mobile  &  Ohio  

Nashville,  Chat.  &  St.  Louis  

Nevada-California- Oregon  

Nevada  Central  

New  York  Central  &  Hudson  Riv. 

New  York,  Ontario  &  Western. . . 

New  York.  Susquehanna  &  West  . 

Norfolk  &  Western  

Northern  Central  

Northern  Pacific  

Pacific  Coast  Co  

Pennsylvania— East  of  Pitts.  &  E. 
West  of  Pitts.  &  E  

Pere  Marquette  

Philadelphia  &  Erie  

Philadelphia,  Wilmington  &  I>. . . 

Pine  Bluff  Arkansas  R  

Pittsburgh,  Cin.,  C.  &  St.  Louis. . 

Pittsburgh  &  Western  

Plant  System : —  "1 

Alabama  Midland   J 

Brunswick  &  Western   I 

Chas.  &  Savannah   j 

Savannah,  Florida  &  West'n.  | 
Silver  Springs,  Ocala  &  Gr. .  .  .  J 

Reading  Co. : — 

Philadelphia  &  Reading  

Coal  &  Iron  Co  

Total,  both  Companies  

Richmond,  Fredericksburg  &  Pot. 

Rio  Grande  Junction  

Rio  Grande  Southern  

Rio  Grande  Western  

Rutland  

St.  Joseph  &  Gr.  I  

St.  Louis  &  North  Arkansas  

St.  Louis  &  San  Francisco  

St.  Louis  Southwestern  

St.  L.,  Yandalia  &  Terrc  Haute.. 

San  Antonio  &  Aransas  Pass  

San  Francisco  &  North  Pacific. . . 

San  Pedro,  Los  Angeles  &  Salt  Lk. 

Savannah,  Florida  &  Western. . . . 

Seaboard  Air  Line  

South  Carolina  &  Georgia  Exten.  . 

South  Haven  &  Eastern  

Southern  Indiana  

Southern  Pacific  Co  

Central  Pacific  

Galveston,  Bar.  &  San  An  

Galveston.  Houston  &  Northern 


Latest  Gross  Earnings. 


July  1  (Pkkvhm  -  Yeak) 
to  Latest  Date. 


1902 

Week  or  Month. 


Week  June  2  1 
3d  week  in  June 

April 

May 
4th  week  in  Ju'e 
4th  week  in  Ju'e 
1st  week  in  July 
1st  week  in  July 
1st  week  in  July 
1st  week  in  Julv 
Week  June  28 

June 

June 

May 

May 

June 

May 

May 
1st  week  in  Julv 

May 

May 

May 

May 

May 
4th  week  in  Ju'e 

May 

Mav 

April 

May 
March 


Mav 


May 

May 

May 

April 

April 
1st  week  in  July 

June 
March 

June 

May 
4th  week  in  June 
4th  week  in  June 

June 

April 

June 
February 

May 
4th  week  in  June 

May 

May 

June. 

May 

April 

April 

April 


1902 

Year. 


96,000 
19,420 
2,907 
53,861 
99,877 
169,953 
237.651 
524,000 
15,000 
539,000 
4.835 
530,133 
636,711 
17,425 
2,919 
5,803,862 
370,758 
163,016 
267,154 
710,565 
3.334,746 
395,933 
9,901,838 
Inc. 
212,948 
595,593 
1,085,658 
2,357 
1,899,289 
326.491 


12,568 


2,274,634 
1,166,812 
3,441,440 
104,472 
47,530 
11,618 
454,400 

'  105,538 
19,985 
601,453 
155,720 
185,496 
247,620 
118,278 
19,532 
712,568 
257,171 
20,428 
5,042 
64,442 
6,832,856 
1,655,533 
621,036 
27,991 


1901 

Y'ear. 


82,100 
17,258 
3,476 
55,029 
87,204 
134,240 
233,125 
512,000 
22,000 
534,000 
3,164 
481,026 
574,463 
14,738 
2,763 
5,893,359 
493,522 
213,772 
250,742 
679,965 
2,919,509 
430,046 
8,402,038 
668,300 
I  207,364 
589,394 
1,029,258 
1,520 
1.670,013 
367,798 


609,441 


2,574,734 
2,840,616 
5,415,350 
96.262 
46,462 
9.604 
449,400 


101,205 

16,558 
620,147 
144,844 
171,175 
226,047 
102,218 

13,139 
609,441 
232,556 

18,173 
4,904 

50,674 
6,941,974 
1,647,339 
671.832 

20.007 


1902 

Year. 


4,513,500 


548,270 
3,515.663 
6,211,200 
237,6.1  i 
524.000 
15.000 
539,(00 
167,730 
6.501.227 
7,902,732 
143.057 
34,873 
70,800.000 
5,194,651 
2,474,267 
267.154 
7,797,246 
38,606,714 
4,551,914 
92,207,518 
Inc.  7 
9,531.191 
6,313.586 
10,884,732 
30,632 
19,938,561 
3,210,005 


7,769,185 


27,609,767 
26,327,767 
53,937,534 
902,079 
490,700 
11,618 
5,341,154 
1,560,572 
1.344,511 
214,516 
21,618,884 
7,278,028 
2,131,164 
2.166,528 
1,132,580 

7,769485 
11,553,557 
256,882 
64,556 
627,396 
77.079,008 
16,848,818 
0.070,058 


1901 

Year. 


4,232,700 


539,042 
3,275,504 
4,513.371 
233,125 
512,000 
22,000 
534,000 
141,396 
6,139,912 
7,662,327 
137.732 
29,663 
66.333,100 
4,819,814 
2,291.590 
250,742 
7,329,146 
31,015,582 
4,670,709 
I  84,723,318 
,105,700 

8,684,906 
5,577.187 
10,599,032 
24,105 
17.790,418 
2,910.210 


7.349,631 


25,720,336 
26,315,338 
52,035,674 
835,802 
479,805 
9,604 
4,908,081 

1, '403, 150 
98,861 
19,282.513 
7,387,174 
1,996,817 
2,296,976 
1,039,001 

7,849.631 
10,929,051 
261,959 
66,971 
439,662 
70,959.651 
16,065,655 
5,741,622 


WALL  STREET  GUIDE. 


65 


RAILROAD  EARNINGS- fw;// ,„,(. 


ROADS. 


I,  VVY.-T  Qross  Eabmikg 


1902 

Week  or  Bfonth. 


Southern  Pacific  Co. : 

Gulf,  Western  Texas  &  Pacific. 

Houston,  East  &  West  Tex  

Houston  &  Shreveport  

Houston  &  Texas  Central  

Louisiana  Western  

Morgan's  Louisiana  &  Texas.  .  . 

New  York,  Texas  &  Mexican . . . 

Southern  Pacific  of  California.  . 

Southern  Pacific  of  Arizona. . .  . 

Southern  Pacific  of  New  Mexico 

Texas  &  New  Orleans  

Southern  Railway  

Terre  Haute  &  Indianapolis  

Terre  Haute  &  Peoria  

Texas  Central  

Texas  &  Pacific  

Texas,  S.  V.  &  N.  W  

Toledo  &  Ohio  Central  

Toledo,  Peoria  &  Western  

Toledo,  St.  Louis  &  Western  

Tor.,  Hamilton  &  Buffalo  

Union  Pacific  RR. :  ) 

Oregon  RR.  &  Navigation..  . .  - 

Oregon  Short  Line  ) 

Wabash  

West  Jersey  &  Seashore  

Wheeling  &  Lake  Erie  

Wichita  Valley  

Wisconsin  Central  

Wrightsville  &  Tennille  

Yazoo  &  Mississippi  Valley  


April 

April 

April 

April 

April 

April 

April 

April 

April 

April 

April 
4th  week  in  June 

June 

June 
4th  week  in  June 
1st  week  in  July 

May 
1st  week  in  July 
4th  week  in  June 
1st  week  in  July 

June 

May 

1st  week  in  July 

May 

June 

May 
1st  week  in  July 

May 

June 


1902 

Year. 


14,851 
56,266 
10.197 
369,265 
154,431 
398,792 
34,485 
1,810,085 
378,537 
194,857 
245,875 
868,550 
140,851 
40,139 
10,236 
138,202 
11,500 
49,768 
25,901 
45,319 
35,381 

3,710,057 

333,394 
298,150 
313,163 

4,602 
115,500 

8,652 
454,413 


1901 

Year. 


% 

12,794 
61,147 
14,037 
422,192 
140,215 
(173,008 
32,195 
1,784,025 
421,768 
249,124 
266,204 
762,489 
123,988 
36,698 
12,519 
143,040 
10,600 
47,707 
27,057 
41,338 
35,224 

3,619,341 

302,596 
272,350 
251,480 

3,479 
113,159 

9,649 
362.842 


July  1  (Previous  f sab) 
to  Latest  Datk. 


1902 

Year. 


777,807 
192,284 
4,452,234 
1,595,664 
6,353,428 
310,061 
18,054,621 
3,986,615 
2,183,209 
2,458,532 
37,678,338 
1,689,718 
548,359 
586,230 
138,202 
147,300 
49,768 
1,151.677 
45,319 
504,381 

43,639,839 

333,394 
3,413,734 
3,519,554 

'  115,500 
133,895 
6,595,309 


1901 

Year. 


723,577 
159  846 
4,898,851 
1,394,292 
6,700,653 
242.853 
15,71)5.208 
3,588,174 
1,951.119 
■-'.321,370 
35,697,772 
1,576,013 
543,318 
707,409 
143,040 
129,500 
47.707 
1,157.079 
41.338 
399,281 

39,964,132 

302.596 
3,253,034 
2,954,105 

'  113,15!) 
151,482 
6.127.941 


FAMOUS  MEN  OF  WALL  STREET. 


On  the  following  pages  we  give  a  short  financial 
history  of  a  few  men  who  have  made  Wall  Street 
famous  by  their  gigantic  operations.  In  this  brief 
work  we  have  been  obliged  to  mention  only  some 
of  the  most  prominent  ones  and  to  confine  these 
sketches  to  a  decidedly  small  space. 

The  great  fortunes  amassed  in  a  few  years  by  our 
Rockefeller,  Carnegie,  Morgan,  Gould,  Sage  and  others 
would  have  made  old  Croesus  turn  green  with  envy. 
Even  the  famous  lamp  of  Aladdin,  the  product  of  a 
fertile  imagination,  has  been  more  than  outdone  by 
our  modern  financiers.  Just  a  word  from  the  mouth 
of  Mr.  Havemeyer,  of  Sugar  trust  fame,  will  put  the 
price  of  sugar  stock  up  or  down  twenty  points,  while 
Mr.  Morgan  can  refuse  to  answer  a  question  and  up 
goes  the  price  of  stocks  of  the  various  properties  in 
which  he  is  known  to  be  heavily  interested. 

Mr.  Morgan,  like  James  R.  Keene,  and  James  J.  Hill, 
is  known  as  a  great  bull,  and  the  bulk  of  his  large  for- 
tune has  been  made  by  improving  and  developingprop- 
erties  and  placing  them  on  a  paying  basis. 

5 


It  is  the  man  wrho  is  optimistic,  who  believes  in 
the  future  of  his  country,  and  who  is  ever  ready  to 
look  upon  the  bright  side  of  life  that  wins  lasting 
success.  True,  Jay  Gould  began  his  career  as  a 
wrecker  of  values,  but  later  in  life  evidently  saw 
his  mistake  and  became  a  great  reorganizer,  building 
up  the  now  famous  Southern  Western  Gould  system 
of  railways  before  his  death. 

Most  of  the  great  bears  who  won  renown  by  mak- 
ing large  fortunes  quickly  on  the  short  side  of  the 
market  lost  their  money  later  on.  Addison  Cammack 
and  Daniel  Drew  are,  perhaps,  two  of  the  most  promi- 
nent examples.  Xo  country  in  the  world  offers  such 
opportunities  for  amassing  large  fortunes  as  the 
United  States.  To-day  we  lead  the  world  not  only  in 
the  rapid  strides  of  commerce,  but  also  in  wealth,  and 
opportunities  are  just  as  great,  if  not  greater,  than 
was  the  case  twenty  or  forty  years  ago.  This  coun- 
try is  still  an  infant  in  growth  and  the  next  twenty 
years  will  see  even  greater  developments  than  have 
been  witnessed  during  the  past. 


66 


WALT,  STREET  GUIDE. 


COMMODORE  VANDERBILT. 

Cornelius  Vanderbilt,  the  founder  of  the  Yander- 
bilt  fortune,  began  his  business  career  in  a  rowboat 
plying  between  Staten  Island,  Governor's  Island,  and 
New  York  City,  doing  the  rowing  himself.  In  the 
course  of  time  the  enterprise  grew  into  a  boat  pro- 
pelled by  steam,  and  from  one  boat,  in  a  few  years 


COMMODORE  VANDERBILT. 


developed  into  the  largest  fleet  of  steamers  and  ferry- 
boats in  the  country,  at  one  time  consisting  of  over 
sixty  ships. 

In  the  early  days  of  the  railroad  he  refused  to  have 
anything  to  do  with  railroad  enterprises,  but  later 
began  to  realize  that  the  railroad  business  presented 
a  large  field  for  operations,  while  that  of  steam- 
boats was  confined  to  local  territories.  His  first 
venture  in  this  direction  was  when  he  secured  con- 
trol of  the  Harlem  Railroad,  and  in  the  operation 
got  up  the  celebrated  Harlem  "  corner,"  in  which  the 
board  of  aldermen  granted  him  a  franchise  to  lay 
tracks  on  Broadway,  and  after  the  stock  had  made 
great  advances  they  gave  the  tip  around  to  their 
friends,  who  all  sold  it  short,  after  which  they  re- 
pealed the  ordinance.  But  the  Commodore  was  enough 
for  them,  and  worked  the  *  corner "  in  such  a  way 
that  when  they  went  to  cover  the  stock  commenced  to 
advance  rapidly  to  100,  150,  175,  and  finally  179.  The 
members  of  the  common  council  were  obliged  to  make 
their  final  settlements  at  the  latter  figure.  The  Com- 
modore had  all  the  stock,  and  the  aldermen  lost  a 


million  or  more,  while  their  friends  lost  several  mill- 
ions. It  is  said  Vanderbilt  cleared  five  or  six  millions 
on  this  deal,  besides  "getting  even"  with  a  lot  of 
people  who  had  not  hesitated  to  take  his  money  and 
then  attempted  to  sell  him  out. 

The  Commodore's  great  feat  of  cornering  the  com- 
mon council  was  not  his  only  famous  achievement. 
He  did  the  same  with  the  Albany  politicians,  compel- 
ling many  of  the  members  of  the  State  legislature  to 
settle  with  him,  most  of  them  having  gone  short  on 
Harlem  on  inside  information  that  the  legislature 
would  refuse  to  pass  certain  bills  desired,  granting 
the  company  A'aluable  privileges.  Commodore  Van- 
derbilt never  forgot  this  transaction,  and  often  re- 
ferred to  it  in  after  years  in  his  own  language,  stating 
that  "  we  busted  the  whole  legislature  and  made  them 
go  home  without  even  paying  their  board  bills." 

His  next  enterprise  was  in  connection  with  the 
Xew  York  Central.  Having  successfully  fought  and 
beaten  the  legislature  in  the  matter  of  Harlem, 
he  was  encouraged  to  look  for  larger  game.  He  com- 
menced to  manipulate  the  stock  of  this  company 
very  largely  in  the  market,  and  on  one  occasion  it 
advanced  twenty  points  between  Saturday  and  Mon- 
day. This  was  new  to  Wall  Street  in  those  early  days, 
and  old-timers  stood  aghast,  but  it  was  like  a  play- 
thing in  the  Commodore's  hands.  The  company  was 
so  prosperous  that  there  was  talk  of  the  coming  divi- 
dend for  a  long  time  before  it  really  developed,  and 
when  the  famous  80  per  cent,  dividend  was  actually 
declared,  speculators,  as  a  rule,  who  had  been  trading 
in  Central  had  become  so  poor  that  they  were  unable 
to  carry  much  of  the  stock  in  order  to  avail  them- 
selves of  the  huge  profits. 

Commodore  Vanderbilt  and  his  son,  Wm.  H.,  to- 
gether accumulated  what,  at  the  time  of  the  latter's 
death,  was  the  largest  private  fortune  in  the  world. 
In  seventy  years  the  Commodore  rose  from  an  humble 
beginning  to  be  the  proud  possessor  of  $90,000,000. 

In  his  fight  with  the  legislature  at  Albany,  which 
occurred  only  one  year  later  than  that  with  the 
common  council  above  related,  he  had  the  fight  of 
his  life;  he  hardly  knew  which  way  to  turn,  and 
often  in  later  years  pathetically  described  his  feel- 
ings at  this  crisis.  He  sent  for  old  John  Tobin,  who 
formerly  had  been  a  gate-keeper  at  his  ferry-house 
on  Staten  Island,  but  had  been  put  in  the  former 
Harlem  deal  and  at  this  time  was  worth  over  a  mill- 
ion dollars.  After  explaining  the  whole  situation 
to  Tobin,  he  said,  "  John,  don't  them  fellows  need 
dressing  down  ?  "  John  answered  in  the  affirmative, 
but  did  not  see  how  it  was  to  be  accomplished,  as 
"  them  fellows  "  at  that  moment  seemed  to  hold  the 
trump  hand.  After  a  pause,  the  Commodore,  again 
addressing  John,  with  an  intensified  emphasis  in  his 
tone,  said,  "  John,  let  us  teach  them  never  to  go  back 


WALT.  STREET  GUIDE. 


07 


on  their  word  again  as  long  as  they  draw  breath. 
We  will  try  the  Harlem  corner  once  more."  Tobin 
put  up  his  million,  and  Leonard  \V.  Jerome  also  went 
into  the  deal.  Jt  took  live  millions  to  carry  the  deal 
through,  but  the  amount  was  soon  forthcoming  from 
the  Commodore's  friends.  As  this  was  the  fight  of 
his  life,  he  went  into  it  with  even  more  than  his 
customary  vim,  and  strange  as  it  may  seem,  bought 
nearly  30,000  shares  more  stock  from  the  members 
of  the  legislature  and  their  friends  than  there  was 
in  existence  at  that  time.  When  the  members  of  the 
legislature  and  their  friends  went  to  purchase  in 
the  open  market,  to  cover  their  short  sales,  not  a 
share  could  be  had.  Vanderbilt  and  his  brokers  had 
every  share  safely  secured  in  their  strong  boxes.  It 
is  needless  to  say  that  there  was  consternation  at 
Albany  when  they  discovered  the  true  status  of  af- 
fairs. The  Commodore  threatened  to  put  the  price 
of  Harlem  to  $1,000  per  share,  but  Mr.  Jerome,  while 
having  no  sympathy  for  the  legislature,  had  a  patri- 
otic desire  to  take  care  of  the  Street,  and  through 
Jerome's  influence  the  Commodore  was  persuaded  to 
let  the  legislature  go — at  $285  for  Harlem.  In  other 
words,  the  stock  that  sold  at  $3  per  share  about  the 
time  Vanderbilt  came  in  the  Street  reached  $285  in 
1804.  It  could  have  been  put  to  $1,000  per  share, 
just  as  Northern  Pacific  was  recently.  Even  Daniel 
Drew,  as  shrewd  a  speculator  as  he  was,  came  near 
being  swamped  in  the  Harlem  "  corner,"  but  finally 
escaped  by  paying  a  million. 

Wall  Street  has  probably  never  seen  the  equal, 
from  every  standpoint,  of  Commodore  Vanderbilt, 
considering  the  time  at  which  he  operated  and  the 
comparatively  small  opportunities  existing  then  to 
those  of  the  present  day. 


DANIEL  DREW. 

Daniel  Drew  began  life  as  a  poor  boy,  just  as  did 
Commodore  Vanderbilt,  and  was  likewise  entirely  un- 
educated, which  goes  to  show  that  education  is  not 
necessary  to  success  in  the  acquisition  of  money. 
This  fact  is  illustrated  in  both  the  lives  of  Drew 
and  Vanderbilt.  In  fact,  in  all  probability,  education 
would  have  spoiled  them  for  money-making  careers 
which  they  afterwards  enjoyed.  In  the  life  of  Daniel 
Drew  we  find  a  remarkable  example  of  the  possibility 
of  attaining  great  success  by  stubbornly  following  up 
one  line  of  thought  or  one  idea.  His  first  business 
venture  was,  after  obtaining  $100  by  serving  as  a 
substitute  in  one  of  the  early  Indian  wars,  to  invest 
the  money  in  cattle  and  drive  them  to  the  New  York 
market.  He  was  the  first  to  try  the  experiment  of 
driving  herds  of  cattle  from  Ohio  over  the  Allegheny 
Mountains  to  the  Eastern  markets,  and  although  this 


trip  required  great  hardships,  and  often  resulted  in 
the  loss  of  half  the  herd,  they  could  be  bought  so 
cheaply  in  the  West  at  that  time;  that  profits  were 
enormous.  From  this  he  entered  the  steamboat  busi- 
ness, and  was  a  worthy  competitor  of  the  senior  Van- 
derbilt. Like  Vanderbilt,  he  soon  saw  the  opportuni- 
ties for  making  money  in  Wall  Street,  and  began 
his  operations  in  stocks,  first  securing  control  of  Erie, 


DANIEL  DREW. 


which  was  manipulated  to  suit  his  own  speculative 
fancy  in  some  such  manner  as  Harlem  and  New  York 
Central  were  handled  by  Commodore  Vanderbilt. 

Daniel  Drew,  at  one  time,  could  command  more 
ready  money  on  short  notice  than  any  man  in  Wall 
Street;  or,  in  fact,  any  man  in  America.  His  wealth 
was  estimated  at  $13,000,000,  which,  in  those  days, 
was  equivalent  to  many  hundred  millions  now.  A 
large  part  of  this  fortune  was  made  from  operations 
in  Erie  stock.  The  stock  often  fluctuated  20  or  30 
points  in  a  day  or  two. 

Wall  Street  owes  its  term  "  watering  stock n  to 
Drew  having  been  a  drover  in  his  early  days,  and,  as 
such,  following  the  old  practice  of  giving  cattle  salt 
just  before  reaching  the  market,  in  order  to  create 
thirst  in  them,  so  that  they  would  drink  large  quan- 
tities of  water,  thus  appearing  larger,  fatter,  and 
weighing  more  when  placed  on  the  scales.  The  mod- 
ern meaning  for  this  term  is  not  far  removed  from 
its  original  meaning. 

It  was  a  sad  day  for  Drew  when  Jay  Gould  became 
prominent  in  Wall  Street.    The  latter  soon  ousted 


WALL  STREET  GUIDE. 


him  from  the  Erie  board,  after  which  "  Uncle  Daniel's" 
troubles  began,  and  he  was  almost  ruined  in  18C8. 
One  of  his  most  famous  exploits  in  operating  was 
when  he  was  apparently  "  cornered "  in  Erie  by  a 
pool  which  had  been  accumulating  stock  quietly.  He 
surprised  them  by  throwing  58,000  shares  on  the 
market,  which  he  had  obtained  by  converting  bonds 
under  an  old  loop-hole  in  the  charter  of  the  Erie 
road,  which  broke  the  stock  from  95  to  50,  wiping  out 
the  broadest  margins  and  putting  a  whole  army  of 
bulls  to  utter  rout.  Millions  were  lost  or  won  in  a 
day  in  this  deal.  Drew  was  despised,  feared,  and 
revered  on  account  of  this  unparalleled  achievement. 

WILLIAM  H.  VANDERBILT. 

William  H.  Vanderbilt  was  not  a  Wall  Street  specu- 
lator in  the  true  sense  of  the  term.  He  was  more  of 
an  investor,  and  his  investments  had  always  a  healthy 


WILLIAM  H.  VANDERBILT. 


effect  upon  the  market.  His  first  experience  in  rail- 
road matters  was  in  connection  with  the  Staten 
Island  Railroad,  thirteen  miles  in  length.  The  road 
had  been  mismanaged  and  was  deeply  in  debt,  and 
through  the  influence  of  his  father  Wm.  H.  was 
appointed  receiver.  The  Commodore  undoubtedly 
wanted  to  find  out  by  this  experiment  if  his  son  had 
any  capacity  for  railroad  management.  In  two  years 
the  entire  indebtedness  of  the  road  was  paid  and 
the  stock,  which  had  been  worthless,  rose  to  175. 
After  his  marvellous  success  in  this  experiment,  his 


father  made  him  vice-president  of  the  Harlem  Rail- 
road, the  stock  of  which  was  then  selling  below  10, 
but  in  a  few  years  became  one  of  the  most  valuable 
railroad  properties  in  the  country.  The  Commodore 
was  so  highly  pleased  and  agreeably  surprised  at  his 
son's  management  of  the  Harlem  road  that  he  made 
him  vice-president  of  the  Hudson  River  Railroad  also. 
This  great  executive  power  Wm.  H.  manifested  in 
every  successful  movement  which  his  father  directed, 
and  unparalleled  success  was  the  result  in  every  in- 
stance. When  his  father  died,  at  the  age  of  eighty- 
two,  January,  1877,  Wm.  H.  was  fifty-six  years  old, 
and  found  himself  the  happy  possessor  of  a  fortune 
variously  estimated  at  from  seventy-five  to  ninety 
million  dollars.  This  fortune  rapidly  grew  under  the 
management  of  the  younger  Vanderbilt  till,  at  the 
end  of  seven  years,  at  his  death,  his  wealth  was 
estimated  at  over  $200,000,000. 

JAY  GOULD. 

The  son  of  a  farmer  and  country  grocery- store 
keeper,  at  the  age  of  sixteen  young  Gould  began  his 
career  as  a  clerk  in  a  variety  store,  and  of  all  the 
self-made  men  of  Wall  Street  he  probably  had  the 
most  difficulty  in  accumulating  the  first  thousand 
dollars  of  the  amazing  pile  which  he  left  his  family 
at  his  death.  He  studied  surveying  and  became  quite 
an  adept  at  this,  afterward  being  employed  to  survey 
the  county  and  make  maps  of  it.  From  the  beginning 
he,  however,  revolted  at  being  an  employee  of  other 
people's  brains,  and  one  of  his  early  ideas  was  to 
become  his  own  boss.  In  a  short  time  he  bought  out 
the  firm,  wrote  a  history  of  the  county  to  accompany 
the  maps,  and  peddled  his  books  among  the  residents. 
This  natural  inclination  of  his  to  buy  out  every  con- 
cern with  which  he  became  connected  was  well  shown 
in  his  future  operations.  He  had  previously  invented 
a  mouse  trap. 

His  next  venture  was  that  of  becoming  interested 
in  the  Pennsylvania  tannery,  with  a  capitalist  named 
Pratt,  but  this  did  not  prove  to  his  liking.  On  his 
visit  to  New  York  he  was  attracted  by  the  greater 
advantages  which  the  Empire  City  afforded  for  ex- 
tending his  business,  and  came  here  to  reside.  His 
first  railroad  investment  came  through  his  marriage 
with  the  daughter  of  a  wealthy  merchant  of  New 
York  who  owned  shares  in  a  railroad  which  was  then 
in  a  very  bad  financial  condition,  and  Gould  was  em- 
ployed by  his  father-in-law  to  see  what  could  be  done 
in  the  way  of  disposing  of  the  same  before  they  be- 
came absolutely  worthless.  After  Mr.  Gould  had 
looked  over  the  road  carefully,  he  became  favorably 
impressed  with  the  possibilities  of  its  future  under 
good  management,  and  instead  of  selling  his  father- 


WALL  STREET  GUIDE. 


69 


in-law's  stock  to  some  stranger,  took  the  shares  him- 
self at  their  market  value,  bought  more,  final ly  obtain- 
ing control  of  the  entire  property,  and  sold  it  to  a 
rival  company  at  a  Large  profit.  This  is  the  method 
followed  by  Mr.  Gould  in  his  early  transactions  in 
Wall  Street,  and  it  is  needless  to  say  that  it  did 
not  take  many  deals  of  this  kind  to  put  Mr.  Gould 
in  financial  shape  to  cope  with  the  largest  operators 


JAY  GOULD. 


in  the  Street,  and  he  was  not  slow  to  take  advantage 
of  his  opportunities. 

The  particular  incident  which  will  probably  be  re- 
membered long  after  others  relating  to  Mr.  Gould's 
career  are  forgotten  was  his  connection  with  the 
"  Black  Friday"  panic,  in  which  he,  "Jim"  Fisk,  and 
one  or  two  others  endeavored  to  "  corner  "  gold,  but 
in  the  midst  of  their  operations  the  Government  com- 
menced to  sell  gold  in  large  quantities,  thus  break- 
ing the  "  corner,"  and  also  breaking  many  of  the 
largest  concerns  in  the  Street  at  the  same  time,  from 
the  wrecks  of  which  Mr.  Gould  himself  had  a  very 
narrow  escape.  He  later  secured  control  of  the  Erie 
Railroad,  ousting  Daniel  Drew,  who  had  previously 
had  everything  his  own  way  in  connection  with  that 
corporation,  and  somewhat  in  the  same  manner  as 
the  company  had  previously  been  used  for  the  benefit 
of  insiders,  Gould  continued  to  manipulate  its  stock. 
Many  old-timers  still  remember  the  famous  fight  be- 
tween Gould,  Fisk,  and  Drew  on  one  side  and  Com- 
modore Vanderbilt  on  the  other,  in  connection  with 
Erie,  at  the  culmination  of  which  Gould,  Fisk,  and 
Drew  took  refuge  at  Taylor's  Hotel  in  Jersey  City, 


to  escape  jurisdiction  of  the  local  courts,  to  which 
Vanderbilt  had  applied  for  relief.  This  matter  was 
later  amicably  adjusted  between  the  various  parties. 

It  was  as  the  managing  power  of  the  Erie  Railroad 
that  Mr.  Could  laid  the  broad  foundation  of  his  for- 
tune. The  money  and  influence  which  he  gained  in 
connection  with  the  Erie  corporation  enabled  him  to 
extend  his  operations  in  the  acquisition  of  railroads, 
until  through  Union  Pacific  and  its  various  connec- 
tions, Wabash,  Missouri  Pacific,  and  a  number  of 
southwestern  roads,  it  seemed  probable  at  one  time 
that  he  was  in  a  fair  way  to  grasp  the  entire  control 
of  all  transcontinental  railroads;  and  who  can  say, 
had  his  death  not  occurred  when  he  was  a  compara- 
tively young  man,  but  what  this  result  would  have 
been  obtained  later? 

Among  all  Wall  Street  operators  Mr.  Gould  stands 
conspicuous  in  the  brilliancy  of  his  feats,  acomplished 
against  powerful  odds  at  times.  True,  some  of  his 
methods  were,  from  time  to  time,  questioned,  but  he 
evidently  was  a  believer  in  the  old  saying  that 
"  everything  is  fair  in  love  and  war,"  probably  class- 
ing Wall  Street  operations  with  the  latter. 

Even  the  railroad  field  was  not  large  enough  to 
satisfy  his  great  ambition,  and  one  of  his  great  feats 
was  his  fight  against  the  Western  Union  Telegraph 
Company,  during  which  fight  Mr.  Gould  paralleled 
most  of  the  important  lines  of  the  Western  Union 
and  cut  rates  until  the  old  and  larger  corporation 
found  its  profits  were  being  reduced  towards  the  van- 
ishing point,  and  then  was  glad  to  make  terms  with 
its  new  competitor,  a  union  of  interests  being  the 
result,  with  Mr.  Gould  controlling  the  new  concern. 

One  of  his  last  great  coups  was  in  wrenching  con- 
trol of  the  New  York  elevated  railroads  from  Cyrus 
W.  Field,  in  which  Mr.  Field  lost  the  bulk  of  his 
fortune. 

Mr|  Gould,  like  Wm.  H.  Vanderbilt,  died  young, 
his  early  demise  undoubtedly  being  the  result  of  his 
unusually  active  and  fertile  brain  and  untiring  en- 
ergy. At  his  death,  his  estate  amounted  to  over 
$100,000,000,  and  since  that  time,  owing  to  the  many 
advances  which  have  occurred  in  the  price  of  stocks 
owned  by  the  Gould  family,  such  as  Missouri  Pacific, 
Manhattan,  Wabash,  and  others,  this  fortune  has 
greatly  increased,  and  is  probably  worth  three  times 
as  much  to-day  as  it  was  five  years  ago.  As  an 
example,  take  Missouri  Pacific,  which,  as  late  as 
April,  1807,  sold  as  low  as  $10.50  per  share  and  early 
in  1001  sold  above  $120  per  share. 

CYRUS  W.  FIELD. 

He  was  born  in  Stockbridge,  Mass.,  in  1810.  At  fif- 
teen years  of  age  he  came  to  New  York  with  but  a 
trifling  sum  in  his  pocket,  and  worked  for  A.  T. 


70 


WALL  STREET  GUIDE. 


Stewart  for  several  years,  after  which  he  became  a 
partner  in  the  paper  firm  of  E.  Root  &  Co.,  in  Maiden 
Lane.  By  1853  he  had  acquired  a  competence  and 
partially  withdrew  from  mercantile  pursuits. 

Mr.  Field's  undying  fame  comes  from  his  having 


CYRUS  W.  FIELD. 


conceived  the  idea  of  laying  a  telegraphic  cable  direct 
from  Newfoundland  to  Ireland.  He  was  assured  by 
high,  scientific  authority  that  this  idea  could  be  car- 
ried out,  and  when  once  convinced  he  was  prompt  to 
act.  He  soon  succeeded  in  securing  in  New  York  sub- 
scriptions amounting  to  $1,500,000,  which  he  thought 
would  be  sufficient.  His  first  attempt  failed  in  1857, 
but  succeeded  in  the  following  year;  but  when  the 
cable  became  silent  and  refused  to  work  soon  after, 
the  incredulous  public  thought  this  would  end  all 
attempts  to  pursue  something  which  seemed  miracu- 
lous, and  for  seven  years  no  further  move  was  made 
to  lay  a  cable,  as  the  Civil  War  intervened,  but  in 
L865  Mr.  Field  took  up  the  enterprise  in  which  he 
had  never  lost  faith,  and  owing  to  more  modern 
methods  a  better  cable  was  constructed  and  a  more 
suitable  machine;  made  for  laying  it.  The  famous 
steamer  "fireat  Eastern  "  started  to  string  the  cable, 
but  after  going  some  1,200  miles  the  line  parted, 
and  an  attempt  to  grapple  it  was  unsuccessful.  The 
year  following,  however,  the  great  feat  was  accom- 
plished, and  but  few  private?  citizens  have  ever  re- 
ceived  such  honor-  were  showered  on  Mr.  Field  in 
ISO*;,  when  both  Km  ope  and  America  realized  that 
principally  through  the  efforts  of  one  man  they  were 


joined  by  the  Atlantic  cable.  He  had  pushed  a  vast 
project  to  a  successful  issue  in  spite  of  incredulity, 
ridicule,  indifference,  and  strenuous  opposition.  But 
few  thought,  in  those  days,  that  the  time  would  come 
when  there  would  be  ten  or  twelve  cables  spanning 
the  ocean-bed  between  America  and  Europe,  much 
less  that  the  time  wTould  come,  which  seems  near  at 
hand,  when  we  could  send  messages  across  the  ocean 
without  even  the  aid  of  wires. 

Mr.  Field,  like  Jay  Gould  and  Wm.  H.  Vanderbilt, 
died  comparatively  young,  but  as  a  result  of  his 
great  achievement  left  a  name  whose  praises  will  be 
sounded  for  all  time  to  come. 


RUSSELL  SAGE. 

Among  the  prominent  financiers  or  Wall  Street 
operators  none  has  stood  the  ravages  of  time  like 
Russell  Sage,  who  may  be  found  at  his  office  every 
day  at  certain  hours,  even  though  having  passed  his 
eighty-second  birthday  at  this  writing  and  writh  pos- 
sessions estimated  at  not  less  than  $100,000,000.  Of 
this  a  large  portion  is  always  carried  in  cash;  in  fact, 
since  Daniel  Drew's  time  no  Wall  Street  operator 
has  been  known  to  have  so  much  available  cash  at 


RUSSELL  SAGE. 


all  times  as  "  Uncle  Russell,"  as  he  is  familiarly 
termed  in  the  Street.  11  was  he  who  made  dealing 
in  "puts"  and  "calls"  famous.  Mis  privileges  are 
considered  as  good  as  Government  bonds  anywhere 
in  the  Street,  and  the  fact  that  he  has  never  de- 


WALL  STREET  GUIDE. 


71 


faulted,  although  at  one  time  his  losses  on  "  puts  " 
were  something  like  $8,000,000,  accounts  for  their 
high  appreciation.  He  is  a  great  money-lender;  this, 
with  his  "  put "  and  "  call "  operations,  being  his 
principal  business  outside  of  having  large  interests 
in  many  corporations,  among  which  are  Western 
Union,  Manhattan  "  L,"  and  other  local  enterprises. 

Owing  to  his  rigid  economy,  a  great  deal  of  sport 
is  often  made  at  "  Uncle  Russell's "  expense,  and  it 
is  said  he  never  buys  a  suit  of  clothes  costing  more 
than  eight  dollars.  Although  he  has  seldom  been 
known  to  give  money  to  charity,  it  is  said  that  Mrs. 
Sage  is  very  liberal  in  this  direction  and  her  charities 
are  encouraged  by  Mr.  Sage. 

J.  COOKE. 

All  old-timers  have  reason  to  remember  the  failure 
of  J.  Cooke  &  Co.,  which,  together  with  the  failure 
of  the  Warehouse  and  Security  Co.  and  that  of  Daniel 
Drew,  brought  on  the  panic  of  1873.  Banks  sus- 
pended all  over  the  country,  and  even  the  New  York 
Stock  Exchange  was  closed  for  several  days,  by  order 
of  the  governing  committee.  The  effect  of  this  panic 
lasted  several  years,  and  was  similar  in  every  way 
in  its  effects  to  that  which  occurred  just  twenty  years 
later.    J.  Cooke  &  Co.  during  the  war  period  were 


J.  COOKE. 


the  leading  bankers  of  this  country,  and  it  was 
through  this  house  that  most  of  the  Government  war 
loans  were  floated.    It  is  easy  to  imagine  what  the 


result  of  such  a  failure  would  be  to  the  business 
interests  of  the  country. 

J.  Cooke  was  the  J.  P.  Morgan  of  that  time,  but 
let  us  hope  that  the  house  of  J.  P.  Morgan  &  Co.  will 
never  meet  with  a  like  fate. 


ROSWELL  P.  FLOWER. 

Congressman,  governor,  banker  and  great  bull 
leader  of  the  buoyant  speculative  period  beginning 


ROSWELL  P.  FLOWER. 


in  1897.  Roswell  P.  Flower  was  the  senior  member 
of  the  house  of  Flower  &  Co.,  and  as  their  operations 
were  on  an  extensive  scale,  and  usually  for  inside 
interests,  such  as  the  Rockefeller  Standard  Oil  party, 
Flower  probably  had  the  largest  following  among 
the  public  of  any  bull  operator  that  has  been  known 
in  recent  years.  There  had  recently  been  extensive 
advances  in  the  price  of  all  securities,  B.  R.  T.,  for 
example,  having  gone  up  from  around  40  early  in  1898 
to  1371/£  in  April,  1899,  near  which  point  it  was  hold- 
ing on  May  13th  when  suddenly,  out  of  a  clear  sky, 
the  morning  papers  announced  the  death  of  Roswell 
P.  Flower.  His  death  was  entirely  unexpected,  and 
came  like  a  thunderbolt  on  the  speculative  com- 
munity, with  the  result  that  what  is  now  known  as 
the  "  Flower  panic "  occurred  on  that  day,  B.  R.  T. 
opening  off  18  or  20  points  from  the  closing  price  of 
the  day  before  and  the  other  Flower  stocks  propor- 
tionately, but  after  the  first  flurry  prices  rapidly 
recovered.    This  incident  is  a  good  illustration  of 


72 


WALL  STREET  GUIDE. 


why  speculators  should  always  keep  ample  margins 
with  their  brokers,  as  on  this  occasion  it  would  have 
been  impossible  to  communicate  with  out-of-town 
traders  in  time  to  enable  them  to  protect  holdings, 
although  no  loss  resulted  except  where  margins  were 
exhausted,  as  it  was  merely  a  momentary  flurry,  and 
the  market  recovered  almost  immediately. 

WILLIAM  R.  TRAVERS. 

William  R.  Travers,  originally  from  Baltimore,  where 
he  had  met  with  business  misfortunes,  came  to  Wall 


WILLIAM  R.  TRAVERS. 


Street  to  recoup.  He  was  not  very  long  in  getting 
established  in  this,  to  him,  new  field.  Although  he 
began  the  ascent  of  his  prosperous  career  at  the  very 
bottom  of  the  financial  ladder,  it  was  only  a  short 
lime  until  he  was  thoroughly  established  in  his  new 
calling.  He  was,  at  one  time,  in  partnership  with 
Leonard  Jerome,  an  uncle  of  the  prominent  reformer, 
William  R.  Travers  Jerome,  the  name  of  the  first 
having  been  bestowed  upon  the  last  as  a  result  of 
family  friend-hip.  Mr.  Travers's  prestige  as  a  leader 
became  so  great  that  he  attracted  a  numerous  fol- 
lowing of  operators,  who,  with  their  eminent  leader, 
formed  a  set  widely  known  as  "  The  Twenty-third 
Street  Party."  Addison  Cammack,  the  celebrated 
l>e;ir,  was  a  prominent  member  of  this  party  and  a 
great  admirer  of  Mr.  Travers. 

Mr.  Tfavera  was  a  great  bear,  and  most  all  of  his 
fortune,  together  with  that  of  Canunack,  was  made 
in  operating  on  the  bear  side  of  the  market.  Mr. 


Travers  was  endowed  with  great  wit,  and  many 
stories  are  still  told  illustrating  this  personal  trait. 

CHARLES  F.  WOERISHOFFER. 

Mr.  Woerishoffer's  career  is  one  worthy  of  study, 
and  furnishes  a  good  example  of  what  can  be  ac- 
complished by  any  man  who  sets  himself  at  work 
upon  one  idea,  devoting  himself  steadily  and  per- 
sistently to  accomplish  his  one  purpose.  He  pos- 
sessed a  peculiarly  personal,  magnetic  power  of  im- 
pressing people  with  confidence  in  the  schemes  which 
he  inaugurated. 

Although  at  one  time  a  leader  on  the  bull  side,  in 
connection  with  Henry  Villard  in  his  Northern  Pacific 
and  Oregon  Railway  and  Navigation  schemes,  he 
later  had  a  falling  out  with  Villard  and  turned  a  rank 
bear,  selling  all  the  Villard  properties  short  and 
eventually  making  a  bankrupt  of  Villard  and  his  fol- 
lowers. 

One  of  his  most  notable  deals  was  his  fight  for  the 
control  of  Kansas  Pacific  against  Jay  Gould,  Russell 
Sage,  and  other  capitalists,  in  1879.  He  represented 
a  large  body  of  Frankfort  investors,  and  had  en- 
gaged to  sell  a  large  quantity  of  the  Denver  exten- 
sion bonds  at  80  to  the  Gould- Sage  syndicate.  The 
syndicate,  however,  knowing  that  they  had  the  con- 
trolling influence,  declared  the  contract  off  for  the 


CHARLES  F.  WOERISHOFFER. 


bonds  ;il  SI),  but  offered  to  purchase  them  at  70. 
Wberishoffer  then,  for  a  lime,  seemed  to  be  greatly 
put  out  that  they  had  broken  their  contract,  but  did 


WALL  STREET  GUIDE. 


73 


not  complain.  He  immediately  cabled  to  the  English 
and  German  bond  holders  and  soon  secured  the  ma- 
jority of  the  bonds  which  the  syndicate  wanted  and 
deposited  them  with  the  United  States  Trust  Co. 
His  next  move  was  to  inform  the  syndicate  that  they 
could  not  obtain  a  single  bond  under  par  to  carry  out 
their  great  foreclosure  scheme.  In  this  deal  Woer- 
ishoffer  made  over  a  million  dollars,  besides  bringing 
Gould  and  Sage  to  terms  after  they  had  repudiated 
the  former  contract.  This  gave  Woerishoffer  a  great 
following  in  England  and  Germany,  and  enabled  him 
to  carry  out  his  great  operations  in  Northern  Pacific 
against  the  Villard  clique  previously  mentioned. 

The  world  would  probably  have  heard  a  great  deal 
more  of  Woerishoffer  had  he  not  died  in  1886,  at  the 
youthful  age  of  forty-three,  leaving  a  fortune  esti- 
mated at  from  three  to  six  million  dollars. 


siderable  height.  They  had  everything  planned  to 
bring  the  "  corner "  to  a  climax  at  two  o'clock  on  a 
certain  day,  and  supposing  that  Little  was  in  igno- 
rance of  their  plans,  had  expected  to  completely  over- 
whelm and  hopelessly  ruin  him.  An  hour  prior  to  the 
time  appointed  by  the  clique  for  his  disaster  he 
walked  into  the  Erie  office,  opened  a  bag  filled  with 
convertible  bonds,  and  requested  an  exchange  of 
stock  for  the  same.  He  had  purchased  his  bonds  in 
London  and  had  them  safely  locked  up  for  the  emer- 
gency, which  he  promptly  met  on  its  arrival.  He  got 
the  stock,  settled  the  contracts,  and  broke  the  "  cor- 
ner." Mr.  Little's  convertible-bond  trick  was  used 
later  with  signal  advantage  by  his  speculative  suc- 
cessors in  Erie,  who  demonstrated  on  several  occa- 
sions, using  Mulberry  Sellers'  expression,  that  "  there 
were  millions  in  it." 


JACOB  LITTLE. 

In  the  early  days  of  the  Stock  Exchange,  when  its 
building  was   located  on  William   Street  between 


JACOB  LITTLE. 


Beaver  and  Exchange  Place,  Jacob  Little  was  one  of 
its  leading  members,  and  made  and  lost  in  that  his- 
toric place  nine  fortunes.  He  was  one  of  the  most 
prominent  speculators  in  Erie  in  the  early  days  of 
Daniel  Drew's  manipulation  of  that  property  and  its 
stocks.  This  was  early  in  the  history  of  "  corners," 
and  as  Mr.  Little  was  almost  invariably  a  bear,  the 
loading  members  of  the  Erie  board  formed  a  pool  to 
"  corner  "  the  stock  and  ran  Erie  shares  up  to  a  con- 


GEORGE  J.  GOULD. 

Like  WTm.  H.  Vanderbilt,  George  J.  Gould  was  edu- 
cated by  his  father  to  manage  and  care  for  the  im- 
mense Gould  properties  which  had  been  organized  by 
Gould  the  elder,  and  like  Wm.  H.  Vanderbilt,  his  suc- 
cess has  been  remarkable.  Of  course  ho  has  had  the 
benefit  of  a  period  of  unusual  prosperity,  during 
which  stocks  of  his  various  companies  have  greatly 


GEORGE  J.  GOULD. 


enhanced  in  value.  Take  Missouri  Pacific,  for  ex- 
ample, which  only  a  few  years  ago  sold  at  $10.r>0  per 
share,  and  as  the  Gould  fortune  numbers  among  its 


n 


WALL  STREET  GUIDE. 


assets  a  controlling  interest  in  the  Missouri  Pacific 
Railroad,  the  reader  can  readily  see  how  the  Gould 
fortune  has  increased  in  late  years.  It  is  probably 
worth  two  or  three  times  as  much  now  as  it  was  at 
the  death  of  Jay  Gould. 

Among  the  other  Gould  holdings  are  Manhattan 
Elevated,  Western  Union  Telegraph,  the  Wabash  Rail- 
road, Missouri,  Kansas  and  Texas,  and  large  interests 
in  many  others. 

JAMES  R.  KEENE. 

One  of  the  most  remarkable  careers  known  to  Wall 
Street  is  that  of  James  R.  Keene.    Born  in  London, 


JAMES  R.  KEENE. 


he  came  to  this  country  when  a  youth  of  seventeen 
and  started  out  in  the  study  of  law.  He  removed 
to  San  Francisco  in  1853,  and  became  well  informed 
in  mining  matters  through  various  cases  that  were 
put  in  his  hands  while  practising  at  the  bar  in  that 
city.  About  1  hat  1  ime  he  managed  to  raise  a  few  hun- 
dred dollars  and  invested  same  in  a  mining  stock  then 
selling  very  low.  Ee  then  took  a  long  journey  for  his 
health,  which  consumed  many  months.  After  nearly 
a  year's  absence,  Mr.  Keene,  on  his  return,  was  sur- 
prised to  find  thai  the  mine  in  which  he  had  invested 
had  turned  out  to  be  a  veritable  bonanza,  and  the 
stock  he  had  bought  was  then  worth  over  $200,000. 
With  this  money  Mr.  Keene  secured  a  seat  on  the 
board  and  began  to  do  an  immense  business.  His 
further  investments  were  also  crowned  with  success, 
and  he  was  one  of  the  first  to  realize  that  prices  for 


mining  securities  had  advanced  too  rapidly,  and,  like 
old  Daniel  Drew,  he  reasoned  that  what  had  gone  up 
so  high  and  so  rapidly  was  bound  to  come  down.  In 
spite  of  the  strong  contingent  which  opposed  him,  he 
began  an  active  bear  campaign,  and  on  his  vigorous  at- 
tacks the  entire  list  soon  gave  way  and  prices  began  to 
topple  from  their  dizzy  eminence  even  more  quickly 
than  they  had  advanced.  Keene  netted  in  this  bear  deal 
over  $3,000,000,  with  which,  in  addition  to  the  money 
previously  made  in  his  bull  operations,  he  came  to 
New  York,  and  after  a  short  visit  to  Europe  began 
active  operations  on  the  bull  side  of  the  market.  He 
reasoned  that  since  the  panic  of  1873  there  had  been 
such  great  depreciation  in  values,  with  the  return  of 
prosperity  all  good  securities  would  greatly  enhance, 
and  with  his  four  or  five  million  dollars  commenced 
buying  stocks  at  panic  prices.  Soon  the  turn  came, 
which  resulted  in  the  high  tide  of  speculation  of  1879 
and  1880,  and  the  advances  which  occurred  were  im- 
mense. Keene's  millions  doubled  and  trebled  until 
he  was  a  modern  Croesus.  Gould  and  other  specula- 
tors began  to  grow  green  with  envy  at  Keene's  un- 
precedented success.  His  investments  wrere  nearly  all 
in  good,  reliable  securities,  and,  considering  the  short 
period  over  which  these  operations  extended,  his 
profits  wrere  probably  larger  than  had  ever  been  made 
before  by  a  single  trader. 

Here  Mr.  Keene  made  the  fatal  mistake  too  com- 
mon among  speculators.  He  began  to  imagine  that 
failure  was  impossible,  and  he  started  to  run  a  "  cor- 
ner "  in  wheat,  which  proved  later  to  be  a  signal 
failure.  He  was  also  largely  interested  on  the  bull 
side  of  the  stock  market  at  the  same  time.  He 
speculated  not  only  in  stocks  and  wJieat,  but  in  corn, 
pork,  lard,  and  fast  horses. 

Just  about  the  time  when  he  thought  he  had  wheat 
"  cornered,"  the  farmers  in  the  West  began  to  race 
their  wheat  to  market  in  order  to  secure  the  high 
prices  then  ruling,  and  even  Keene's  millions  were  not 
sufficient  to  buy  the  immense  quantities  that  came  in 
from  the  country.  Mr.  Cammack  was  quick  to  per- 
ceive that  Keene  was  extending  his  ventures  too  far, 
and  had  a  private  talk  with  Mr.  Gould.  These  two 
champion  bears  then  united  their  efforts  to  upset  the 
market,  and  each  day  brought  additional  forces  to 
their  aid.  Then,  too,  the  banks,  as  is  usually  the 
case  when  a  man  begins  to  get  in  a  tight  place,  be- 
came timid,  and  Keene's  brokers  were  loud  in  their 
calls  for  more  margins.  The  banks  then  helped  the 
bears  along  by  calling  in  loans,  and  all  the  machinery 
of  depression  was  put  into  active  motion.  Properties 
that  had  been  considered  good  and  solid  investments 
for  a  long  time  were  unmercifully  raided  and  some 
of  them  shattered  to  fragments.  In  the  general 
slaughter  which  took  place  Mr.  Keene's  brokers  sold 
him  out,  and  when  he  figured  up  his  losses  they 


WALL  STREET  GUIDE. 


75 


amounted  to  some  seven  or  eight  millions.  As  is 
usually  the  case,  every  attempt  to  recoup  these  losses 
was  followed  by  disaster.  He  then  began  to  plunge, 
with  the  natural  result  that  losses  became  constantly 
greater,  until  nearly  the  whole  of  his  immense  pile 
was  buried  in  the  fruitless  efforts  to  recover  a  por- 
tion of  it. 

So  ended  the  first  chapter  of  Mr.  Keene's  career, 
and  for  a  great  many  years  thereafter  but  little  was 
heard  of  Keene's  operations.  Mr.  Keene  is  naturally 
a  bull,  and  his  large  fortunes  have  usually  been  made 
on  the  long  side  of  the  market,  which  accounts  for 
his  having  during  the  last  few  years  become  very 
prominent,  having  again  accumulated  even  a  larger 
fortune  than  previously.  The  bulk  of  this  latter  for- 
tune was  made  during  the  big  bull  markets  of  1897, 
1898,  1899,  and  1901.  During  the  latter  year  he  was 
intrusted  with  the  manipulation  of  the  Steel  stocks, 
and  was  generally  considered  to  represent  the  Morgan 
interests  in  their  Wall  Street  operations.  It  is  to  be 
hoped  that  Keene  will  profit  by  his  previous  experience 
and  will  not  again  be  caught  overloaded  on  a  declining 
market. 

He  is  estimated  to  be  worth  $25,000,000. 


JOHN  D.  ROCKEFELLER. 

Said  to  be  the  richest  man  in  the  world,  his  wealth 
being  variously  estimated  at  from  $200,000,000  to 
nearly  $1,000,000,000.  He  is  undoubtedly  so  rich  that 
he  does  not  know  himself  how  much  he  is  worth  and 
whether  or  not  his  total  possessions  are  greater  than 
that  of  any  other  man — it  is  pretty  certain  that  he 
enjoys  the  largest  income,  as  his  investments  are  in 
good,  dividend-paying  properties,  so  that  every  dol- 
lar is  bringing  in  a  steady  revenue,  and  if  he  is  not 
now  the  richest  man  in  the  world,  in  a  few  years  he 
probably  will  be.  He,  like  most  of  the  prominent 
financiers  of  this  country,  began  life  as  a  poor  boy, 
but  displayed  unusual  talent  as  an  organizer,  and  as 
the  head  of  the  Standard  Oil  trust  accumulated  his 
immense  fortune. 

One  notable  trait  has  been  apparent  in  all  of  Mr. 
Rockefeller's  operations.  He  has  not  only  made  a 
success  out  of  every  enterprise  undertaken,  but  he 
has  also  allowed  his  associates  to  make  large  profits, 
so  that  the  Standard  Oil  Company  not  only  numbers 
him  among  its  wealthy  members,  but  the  name  of  his 
brother,  Wm.  Rockefeller,  that  of  H.  H.  Rogers,  Henry 
M.  Flagler,  and  many  others. 

In  spite  of  his  great  wealth  Mr.  Rockefeller  is  in 
very  delicate  health,  and  it  is  safe  to  say  that  he 
would  exchange  his  entire  worldly  possessions  for  a 
good  stomach. 

On  his  estate  of  2,000  acres,  in  the  Pocantico  Hills, 


Rockefeller  often  works  for  days  at  a  time  in  the 
fields,  hoping  thus  to  regain  his  strength,  but  thus  far 
his  efforts  have  been  in  vain. 

He  has  a  fine  eighteen-hole  golf  course,  but  can- 
not play  over  it  for  fear  of  overtaxing  his  strength. 
After  a  day  of  exercise  he  sits  down  to  a  supper  of 


JOHN  D.  ROCKEFELLER. 


crackers  and  skimmed  milk,  which  is  served  at  a 
temperature  of  98%  degrees,  Fahr.;  for  nothing  may 
pass  his  lips  at  a  temperature  lower  than  blood  heat. 
Ice  has  been  for  years  a  forbidden  luxury  for  him. 

Rockefeller  must  walk  every  day,  whether  he  wants 
to  or  not.  He  often  walks  from  his  home  in  Fifty- 
fourth  Street  to  his  office  at  No.  26  Broadway.  He 
cannot  smoke  cigars,  drink  wines  or  liquors,  drive  his 
fast  horses,  or  sail  in  his  fine  yacht.  Any  one  of  these 
pastimes  would  upset  him  and  make  him  sick  for 
months. 

J.  PIERPONT  MORGAN. 

J.  P.  Morgan,  unlike  most  famous  men  herein  men- 
tioned, was  left  in  very  comfortable  circumstances 
by  his  father,  who  originally  established  the  banking 
business  now  bearing  his  name.  On  coming  into  busi- 
ness the  junior  Morgan  had  a  capital  of  something 
like  $10,000,000,  which,  in  those  early  days,  was  an 
extremely  large  fortune,  and  with  this  start  it  is  per- 
fectly natural  that  he  should  build  up  a  great  house 
and  a  great  name. 

Mr.  Morgan  is  a  hard  worker  and  possesses  a  rare 
tact  for  handling  men  with  whom  he  becomes  asso- 


76 


WALL  STREET  GUIDE. 


ciated.  Known  as  a  reorganizer  of  railroads  for  years, 
his  greatest  exploit  was  the  organization  of  the 
United  States  Steel  Corporation,  and  his  profits  in 
this  direction  are  variously  estimated  at  from  twenty- 
five  to  fifty  million  dollars.  In  connection  with  the 
organization  of  this  company,  it  is  said  that  every- 
thing was  ready  to  take  in  the  independent  companies, 
with  the  exception  of  the  American  Steel  and  Wire 
Company,  which  was  then  controlled  by  John  W. 
Gates,  who  was  inclined  to  hold  out  for  better  terms. 
Mr.  Morgan  immediately  sent  for  him,  and,  according 
to  report,  something  like  the  following  conversation 
took  place: 

"  Mr.  Gates,  we  want  your  stock,  and  we  are  willing 
to  pay  you  so  much  per  share  for  the  common  and  so 
much  for  the  preferred.  If  you  decide  to  accept  this 
offer,  well  and  good;  if  you  do  not,  we  will  get  it 
anyway.  We  have  raised  a  pool  of  $200,000,000  to 
operate  in  the  stock  market,  and  unless  you  give  in 
you  will  be  sorry  later."  To  which  Mr.  Gates  replied, 
"  Can  I  be  a  director  in  the  new  company  ?  "  As  Mr. 
Morgan's  answer  was  in  the  negative,  Mr.  Gates 
promptly  complied  and  retired  from  the  steel  in- 
dustry, at  least  for  a  time. 

Another  of  Mr.  Morgan's  famous  deals  was  the  coin- 


J.  PIKKPOXT  MORGAN. 


bination  of  the  Great  Northern,  Northern  Pacific,  and 
Burlington  systems,  in  which  deal  ho.  was  associated 
and  ably  assisted  by  James  J.  Hill,  and  ibis  combina- 
tion later  brought  on  the  Northern  Pacific  "  corner " 
;ind  the  consequent  panic  of  May  9,  1901.  Mr.  E.  H. 
Harriman  and  the  Standard  Oil  party  had  recently 


secured  control  of  the  Union  Pacific  Railroad  and 
also  held  large  interests  in  the  Chicago,  Milwaukee 
and  St.  Paul  Railroad,  and  they  began  to  fear  serious 
competition  by  the  newly  organized  system  above  re- 
ferred to,  consequently  their  brokers,  Messrs.  Kuhn, 
Loeb  &  Co.,  quietly  began  to  buy  all  of  the  Northern 
Pacific  stock,  both  common  and  preferred,  that  could 
be  purchased  in  the  open  market  without  creating 
undue  notice.  Mr.  Morgan,  being  in  Europe  at  the 
time,  did  not  learn  what  was  going  on  until  the  stock 
began  to  advance  very  rapidly;  and  when  it  was 
found  that  the  stock  was  "  cornered,"  there  were 
frantic  efforts  by  the  outside  bears  to  cover,  result- 
ing in  advancing  the  price  to  $1,000  per  share,  which 
created  much  uneasiness  in  the  security  markets. 
Traders  commenced  to  unload  their  long  stocks  in 
other  issues,  causing  the  May  9th  panic,  which,  had 
not  the  banks  come  to  the  rescue  of  the  operators, 
would  have  carried  very  serious  after-results,  as  many 
failures  could  not  have  been  avoided.  "  Corners " 
most  always  prove  disastrous  to  market  values. 

Mr.  Morgan  immediately  sailed  for  home,  and  on 
his  arrival  the  difficulty  between  the  Standard  Oil 
party  and  himself  was  amicably  adjusted,  resulting 
in  the  organization  of  the  Northern  Securities  Com- 
pany. The  Street  is  to  be  congratulated  upon  the 
fact  that  both  Morgan  and  the  Standard  Oil  party 
iire  clever  enough  to  realize  the  advantages  to  be 
gained  by  working  in  harmony,  particularly  where 
both  parties  represent  such  large  interests. 

Mr.  Morgan's  wealth  is  variously  estimated  at  from 
fifty  to  one  hundred  million  dollars,  but  is  probably 
even  greater  than  the  higher  figure. 

ANDREW  CARNEGIE. 

In  Andrew  Carnegie  we  have  the  typical  American. 
Of  Scotch  descent,  he  came  to  this  country  when 
seven  years  of  age  and  started  life  as  a  messenger 
boy,  afterwards  becoming  a  telegraph  operator,  until, 
by  gradual  steps,  he  climbed  to  the  highest  rung  of 
the  financial  ladder,  and  it  is  now  a  neck-and-neck 
race  between  him  and  John  D.  Rockefeller  as  to  winch 
is  to  become  the  richest  man  in  the  world. 

Andrew  Carnegie's  wealth  is  probably  close  to  the 
half-billion  mark.  Unlike  most  other  millionaires,  the 
foundation  of  his  fortune  was  not  laid  in  Wall  Street, 
but  in  the  steel  and  iron  industry,  of  which,  for 
twenty  years,  he  has  been  the  leading  factor  in  this 
country;  and  at  the  time  of  his  retirement,  when  the 
Steel  trust  was  organized,  taking  over  his  various 
properties,  the  Carnegie  plants  were  beginning  to 
compete  with  foreign  manufacturers.  Although,  as 
above  stated,  the  early  foundation  to  his  fortune  was 
not  laid  in  Wall  Street,  it  was  Wall  Street  that  fur- 


WALL  STREET  GUIDE. 


77 


nished  the  money  to  buy  his  plants  and  which  made 
him  one  of  the  richest,  if  not  the  richest,  man  in  the 
world. 

Mr.  Carnegie  has  shown  great  liberality  in  endow- 
ing libraries  and  other  public  institutions.    It  is  one 


ANDREW  CARNEGIE. 


of  his  doctrines  that  it  would  be  a  disgrace  to  die 
rich,  and  as  his  yearly  income  is  something  like  fif- 
teen or  twenty  million  dollars,  he  will  have  to  keep 
on  building  libraries  and  endowing  colleges  for  the 
rest  of  his  life  or  suffer  the  disgrace  and  humiliation 
of  dying  rich. 

GREAT  OPPORTUNITIES. 

In  the  short  sketches  of  the  lives  of  famous  Wall 
Street  operators  herein  given  we  have  been  obliged 
to  be  very  brief,  on  account  of  space.  There  are 
scores  of  others  wThose  operations  would  make  very 
interesting  and  instructive  reading;  in  fact,  Wall 
Street  numbers  to-day  among  its  great  men  hundreds 
upon  hundreds  who  have  amassed  greater  wealth  than 
Jacob  Little  or  Daniel  Drew,  and  of  whom  the  reader 
has  perhaps  never  heard  even  by  name,  as  great  wealth 


is  now  becoming  so  common  in  this  centre  that  but 
little  attention  is  attracted  to  these  operators,  except 
when  some  brilliant  coup  or  manipulation  is  carried 
through. 

Because  we  have  particularly  mentioned  the  names 
and  dealings  of  many  old-timers  is  no  reason  why 
opportunities  are  not  so  plentiful  now  as  they  were 
twenty  or  thirty  years  ago;  in  fact,  they  are  not  only 
as  good,  but  many  times  better,  and  fortunes  are 
being  made  on  every  hand.  There  are  opportunities 
for  every  wide-awake,  level-headed  speculator  pos- 
sessing the  necessary  talents. 

Two  things,  however,  are  particularly  essential  to 
successful  speculation.  One  is  nerve  or  staying  quali- 
ties, and  the  other  is  patience.  The  trouble  with  most 
operators  is,  they  can't  stand  prosperity,  and  even 
though  they  may  have  made  purchases  at  the  low 
points  at  which  any  certain  stock  sold  on  a  given 
movement,  as  soon  as  the  investment  shows  a  profit 
of  one  or  two  points,  or  even  less,  they  sell  out  and 
take  it  for  fear  the  little  profit  in  sight  will  get  away, 
when,  if  they  had  the  patience  to  stay  in  and  buy 
more  of  the  same  stock  on  the  reactions,  in  the  course 
of  a  short  time  they  would  often  be  able  to  close  out 
with  tremendous  profits. 

In  operating,  in  order  to  be  successful,  you  should 
thoroughly  understand  the  conditions  of  the  property 
in  which  you  intend  to  trade,  and  then,  when  you 
have  taken  your  position,  stand  by  it;  do  not  turn 
and  run  on  every  rumor,  because  if  you  do  you  will 
be  sure  to  be  misled  at  some  time,  and  the  result  will 
be  decidedly  unsatisfactory.  On  the  other  hand,  if 
you  follow^  up  a  certain  line  of  action  in  the  same 
manner  as  Daniel  Drew  or  Woerishoffer  did  during 
their  lives,  you  are  sure  to  meet  writh  success  in  the 
end. 

Another  thing  you  must  remember;  pay  no  atten- 
tion to  "  tips,"  rumors,  or  the  ordinary  news  gossip 
that  comes  out  on  the  various  tickers  and  in  the 
newspapers.  Remember  that  this  stuff  is  being 
sent  out  merely  to  influence  traders  in  the  interest 
of  insiders,  and  that  by  the  time  it  reaches  you  it  is 
very  apt  to  be  decidedly  stale  and,  unless  you  are 
personally  operating  on  the  floor,  do  not  try  to 
"scalp"  the  market,  but  wait  until  conditions  are 
right,  and  then  go  in  either  to  buy  or  sell  for  long 
pulls.  In  this  way  a  small  investment  will,  if 
properly  followed  up,  often  net  a  fortune;  in  fact, 
there  is  no  legitimate  way  by  wThich  money  can  be 
accumulated  so  rapidly  as  in  stock  operations,  when 
ordinary  judgment  and  caution  are  used. 

Respectfully  submitted, 

J.  L.  McLEAN"  &  CO. 


J.  L.  McLEAN  &  CO.'S  PRIVATE  CIPHER 

CODE  (Abbreviated). 


Owing  to  lack  of  space  in  reproducing  our  Private 
Cipher  Code  we  have  been  obliged  to  leave  out  a  great 
deal  of  matter  that  will  be  found  in  our  complete 
44- page  edition,  but  identically  the  same  words  are 
used  herein  that  will  be  found  in  the  larger  code, 
so  that  either  code  can  be  used  for  reference. 

In  case  you  do  not  happen  to  have  our  complete 
code  with  you,  and  you  wish  to  say  more  than  can 
be  found  in  this  abbreviated  edition,  add  the  same  in 
plain  language. 


ORDER  PHRASES  FOR  STOCKS  AND 

COTTON. 

Abruptly  Buy  for  my  account  and  risk. 

Abruptness  .  . .  Sell  for  my  account  and  risk. 

Abscond  Have  bought  for  your  account  and  risk. 

Absconded  . .  .  .Have  sold  for  your  account  and  risk. 

Absconding  ..  .Buy  for  my  account  and  risk  bales 

cotton. 

Absent  Sell  for  my  account  and  risk  bales 

cotton. 

Absolute  Have  bought  for  your  account  and  risk 

.  . .  .bales  cotton. 
Absolutely. . .  .Have  sold  for  your  account  and  risk  

bales  cotton. 

Absalom  Order  good  until  executed  or  cancelled 

(G.  T.  C). 


ORDER  PHRASES  FOR  GRAIN  AND 
PROVISIONS. 

Note.— Mo.  2  Wheat,  No.  2  Corn,  and  No.  2  Oats  are  the  grades 
regularly  traded  in  and  quoted  on  the  Chicago  Board  of  Trade.  All 
orders  for  Wheat,  Corn,  Oats,  Short  Ribs,  Lard,  or  Pork  will  be 
executed  on  Chicago  market,  unless  instructed  to  the  contrary. 

Abaft  Buy  No.  2  wheat. 

Abandon  Buy  No.  Scorn. 

Abash  Buy  No.  2  oats. 

Abated  Buy  Short  ribs. 

Abating  Buy  Regular  lard. 

Abdicate  Buy  Mess  pork. 

Abdomen  Sell  No.  2  wheat. 

Abduct  Sell  No.  2  corn. 

Abet  Sell  No.  2  oats. 

Abettor  Sell  Short  ribs. 

Abhor  Sell  Regular  lard. 

Ability  Sell  Mess  pork. 


Abjure  Have  bought  No.  2  wheat. 

Able  Have  bought  No.  2  corn. 

Ablution  Have  bought  No.  2  oats. 

Abnormal  Have  bought  Short  ribs. 

Abode  Have  bought  Regular  lard. 

A  bolish   Have  bought  Mess  pork . 

Abolishing.  Have  sold  No.  2  wheat. 

Abounded  Have  sold  No.  2  corn. 

Abreast  Have  sold  No.  2  oats. 

Abram  Have  sold  Short  ribs. 

Abridge  Have  sold  Regular  lard. 

Abrupt  Have  sold  Mess  pork. 


CIPHER  WORDS  FOR  NEW  YORK  STOCKS. 

Where  preferred  or  2d  preferred  is  desired,  always  mention  same 
after  using  word  denoting  stock. 

Amal.  Copper  Babel. 

Am.  C.  &  F.  Co  Baboon. 

Am.  Cotton  Oil  Bachelor. 

Am.  Ice  Co  Backward. 

Am.  Linseed  Co  Badge. 

Am.  Locomotive  Baffle. 

Am.  Smelt  &  Ref.  Co  Baffling. 

Am.  Sugar  Ref.  Co  Baggage. 

Am.  Tel.  &  Tel  Bailiff. 

Anaconda  Cop.  M.  Co  Balcony. 

Ann  Arbor  Baleful. 

At.,  T.  &  S.  F  Ballast. 

Baltimore  &  Ohio  Ballasted. 

Brooklyn  Rap.  Trans  Ballasting. 

Canada  So  Balloon. 

Canadian  Pacific  Balsam. 

Cent.  RR.  of  N.  J  Balmoral. 

Chesapeake  &  Ohio  Bamboo. 

Chicago  &  Alton  Banana. 

Chi.  &  East  111  Bandage. 

Chi.  Great  West  Bandit. 

Chi.  Great  West.  pf.  A  Banish. 

Chi.  Great  West.  pf.  B  Banner. 

Chi.  Great  West,  deb  Banquet. 

Chi.  Ind.  &  Louisville  Bantam. 

Chi.  Mil.  &  St.  Paul  Bankrupt. 

Chi.  R.  I.  &  Pac  Baptismal. 

Chi.  Term.  Trans  ,  Baptist. 

C,  C,  C.  &  St.  Louis  Barber. 

Colorado  Fuel  and  Iron  Bargain. 

Colorado  Southern  Barefoot. 

Colorado  &  Hock.  C.  &  I  Bargained. 

Consolidated  Gas   Bargaining. 


WALL  STREET  GUIDE. 


79 


MISCELLANEOUS. 


Silk  We  believe  it  a  good  time  to  buy. 

Silken  We  believe  it  a  good  time  to  sell. 

Silly  Will  protect  until  we  bear  from  you. 

Silver  Would  advise  buying  all  you  can  on  a 

margin  of .  . .  . 

Simplify  Will  protect  until  we  bear  from  you  by 

telegraph. 

Stab  temporarily  very  weak,  but 

look  for  sbarp  rally  soon,  and  advise 
you  to  remit  at  least.  .  .  .dollars  to  pro- 
tect your  boldings.  Answer  by  tele- 
grapb  immediately. 

Tongue  Unless  you  remit  additional  margins  at 

once,  must  close  your  trades. 

Tootb  Market  declining.    Your  margin  nearly 

exbausted.  Will  you  remit  additional 
margin,  or  sball  we  close  your  trades  ? 

Tootbless  Remit  by  first  mail  for  furtber  protec- 
tion of  your  boldings. 

Topaz  Dollars. 

Thwarted  Have  you  remitted? 

Tidily  Cannot  act  without  margin. 

Track  Deposit  margins  in  the  bank. 

Tread  Answer  by  telegraph  immediately. 


Delaware  &  Hudson  Baritone. 

Del.  Lack.  &  West  Barometer. 

Denver  &  R.  G    Baron. 

D.,  M.  &  Ft.  Dodge  . .-  Baroness. 

Dist.  of  America  Baronet. 

Erie  Barracks. 

Evans  &  T.  H  Base. 

General  Electric  Basely. 

Glucose  Sugar  Ref  Baseless. 

Hocking  Valley  Basement. 

Illinois  Cent  Bashful. 

Inter.  Paper   Bashfully. 

Inter.  Power  Co  Bassoon. 

Iowa  Cent  Bastile. 

Lake  Erie  &  West  Bathe. 

Louisville  &  Nashville  (  Bathing. 

Manhattan  Elevated  Baton. 

Met.  St.  By  Battery. 

Met.W.  S.  El.  Chi  Bayonet. 

Mexican  Central  Bazaar. 

Mexican  National  Beach. 

Mo.,  Kansas  &  Texas  Beadle. 

Missouri  Pacific    Bearish. 

N.  Y.  Air  Brake  Beastly. 

N.  Y.  Central  Beat. 

N.  Y.,  Chi.  &  St,  Louis  Beater. 

N.  Y.,  Lack.  &  West   Beautify. 

N.  Y.,  Ont.  &  Western  Beautiful. 

Norfolk  &  Western  Beauty. 

Northern  Pacific  Beaver. 

Pacific  Mail   Becalm. 

Pennsylvania  RR  Became. 

People's  Gas,  Chicago  Bedaub. 

Peoria  &  Eastern  Bedbug. 

Pressed  Steel  Car  Bedding. 

Reading  Bee. 

Republic  Iron  &  Steel  Befog. 

St.  L.  &  San  Fran  Beggar. 

Southern  Pacific  Begging. 

Southern  Ry  Below. 

Tenn.  Coal  &  Iron  Bell. 

Texas  Pacific  Belfry. 

Union  Pacific  Belmont. 

United  States  Steel  Bequeath. 

United  States  Leather  Bergen. 

United  States  Rubber  Besson. 

Wabash  Beware. 

Western  Un.  Tel  Bill. 

Wheeling  &  Lake  Erie  Blow. 

Wisconsin  Cent  Blowing. 


Remember,  unless  otherwise  stated  in  your  message, 
telegraphic  orders  are  good  only  for  the  day  on  which 
same  are  received.  If  you  wish  orders  to  remain  good 
until  executed  or  cancelled,  use  the  word  "Absalom," 
at  the  end  of  the  message. 


FINALLY. 

All  telegrams  relating  to  market  advices  should  be 
paid  for  by  sender.  We  pay  your  telegrams  for  orders 
that  can  be  executed  and  prepay  our  telegrams  to 
you  reporting  the  execution  of  said  orders.  Telegrams 
giving  orders  so  far  away  from  the  market  that  it 
is  impossible  to  execute  the  same,  should  be  prepaid 
by  customer.  It  is  our  aim  to  give  customers  at  all 
times  the  most  liberal  treatment  consistent  with  con- 
servative business  methods.  Any  delay  in  report- 
ing execution  of  orders,  or  lack  of  attention  at  our 
head  office  or  any  of  our  branches  should  be  promptly 
reported  to  MANAGER  OF  NEW  YORK  OFFICE, 
and  the  same  will  receive  prompt  attention. 

Respectfully  submitted, 

J.  L.  McLEAN  &  CO., 

25  Broad  Street,  New  York. 


INDEX. 


A  Few  Points  Worth  Remembering  21 

Broad-Exchange  Building  (Illustration)   8 

Carnegie,  Andrew   77 

Change,  if  Conditions  Change   21 

Chicago  Board  of  Trade  25,  26 

Chicago  Board  of  Trade,  How  Trading  is  Con- 
ducted on   31 

Cipher  Code,  Private  78,  79 

Closing  Trades  at  Limit  of  Funds   33 

Coffee  Speculation   37 

Cooke,  Jay   71 

Consolidated  Stock  Exchange,  N.  Y  19,  20 

Consolidated    Stock    Exchange    Trading  Room 

(Illustration)   28 

Cotton,  Speculation  in   35 

Cotton,  Table  of  Fractional  Points  in   31 

Cotton  Exchange  (Illustration)   36 

Dictionary   of   Commercial   Terms   and  Phrases, 
Alphabetically  Arranged, 

43,  45,  47,  49,  51,  53, 55,  57,  59 

Drew,  Daniel   67 

Famous  Men  of  Wall  Street   65 

Federal  Hall  in  1789  (Illustration)   4 

Field,  Cyrus  W   70 

First  National  Bank's  Large  Dividend   7 

Fractional  Points  in  N.  Y.  Stocks,  Table  of   59 

Fractional  Points  in  Lard,  Table  of   26 

Fractional  Points  in  Cotton  and  Coffee   35 

Fractional  Points  in  Grain  and  Pork,  Table  of .  . .  .  31 
Freight  per  Bushel  at  any  Given  Rate  per  100  lbs.  41 

Flower,  Roswell  P   71 

Gould,  Jay   69 

Gould,  George  J   73 

Great  Opportunities   77 

Hog  Products,  Relative  Cost  of   41 

If  Wrong,  Acknowledge  It  21 

Items  of  Interest   37 

Introductory    1 

Keene,  James  R   74 

Little,  Jacob   73 

Looking  Into  the  Future   17 

Lombard  Street  and  Wall  Street   5 

Margin  Required   13 

Monetary  Tidal  Waves  18 


McLean,  J.  L.  &  Co. — Illustrations  of  Offices  of, 

10,  12,  14,  16,  24,  28,  30,  33,  34,  36,  38,  40,  42,  44, 
46,  48,  50,  52,  54,  56,  58 


Morgan,  J.  Pierpont   76 

New  York  Stock  Exchange  5,  6 

Opening  an  Account,  Directions   13 

Operating  on  Margins   7 

Orders,  How  Given   13 

Orders,  Various  Kinds  of  13,  33 

Orders,  Kinds  of  for  Wheat,  Grain,  etc  29 

Orders,   Stop   15 

Orders,  Make  Them  Explicit   15 

Produce  Exchange,  N.  Y  21,  22 

Prosperity  Now  with  Us  24,  25 

Puts  and  Calls   23 

Qualities  Necessary  to  Success   17 

Quantities  and  Margins,  Lowest   37 

Rockefeller,  John  D   75 

Railroad  Earnings  62,  63,  64,  65 

Sage,  Russell   70 

Scalping    25 

Scale  Trading   15 

Selling  Short   11 

Stock  Exchange,  N.  Y.  (Ilustration)  5,  6 

Stock  Exchange  Quotations,  Prices  and  Sales,  also 

High  and  Low  for  the  Year  1901-02  60,  61,  62 

The  Wall  (Illustration)   3 

Trading   Instructions  35 

Travers,  William  R   72 

Vanderbilt,  Commodore   66 

Vanderbilt,  William  H   68 

Wall  Street,  Looking  West  (Illustration)   2 

Wall  Street  Operations,  How  Conducted   7 

Wall  Street,  East  of  William  Street, in  the  Panic  of 

October  14,  1857  (Illustration)   18 

Weights  and  Measures   39 

Wheat,  Corn,  Oats,  Rye,  Pork,  Lard  and  Ribs,  Cash 

Prices  for  Two  Years  *  27,  29 

Wheat  Corner  Days   37 

When  You  Win,  Some  One  Else  does  not  Always 

Lose   19 

When  the  Market  Goes  Your  Way,  etc   33 

Woerishoffer,  Charles   72 


OVR  FISCAL  DEPARTMENT 


REALIZING  that  the  enormous  prosperity  of  the 
country  and  the  consequent  high  prices  ruling  for 
dividend  -  paying  stocks  and  bonds  is  forcing  in- 
vestors to  seek  other  and,  in  many  cases,  new  enterprises, 
we  recently  made  a  thorough  investigation  of  several 
western  mining  districts  and  have  come  to  the  conclusion 
that  a  gold-mining  craze  of  no  mean  proportion  is  rapidly 
getting  under  headway  in  this  country,  and  there  are 
undoubtedly  great  opportunities  for  profitable  investment 
in  that  field.  We  have  therefore  opened  a  FISCAL 
DEPARTMENT  in  connection  with  our  Banking  and 
Brokerage  business. 

It  will  be  our  aim  to  handle  only  properties  of  great 
merit  and  promise  therein,  so  that  the  interests  of  customers 
desiring  to  make  outside  investments  will  be  fully  protected. 

All  correspondence  relating  to  mining  investments 
should  be  addressed  to 

J.  L.  McLEAN  &  CO. 

NEW  YORK  CITY.  N.  Y. 


FISCA.L   D£PA  "R  TMEJVT 

T.  O.  "Bojc  545 


